Inflation shock as cost of living spikes AGAIN - here's what it means for you trends now Inflation rose by 3.5 per cent in year to March By Stephen Johnson, Economics Reporter For Daily Mail Australia Published: 02:42 BST, 24 April 2024 | Updated: 02:42 BST, 24 April 2024 Viewcomments Australians may have to wait for an interest rate cut with inflation climbing - putting it further above the Reserve Bank's target. In March, the consumer price index rose to 3.5 per cent, up from 3.4 per cent in February. This meant headline inflation was further above the RBA's 2 to 3 per cent target. Food and non-alcoholic drink prices rose by 3.8 per cent while alcohol and tobacco costs went up by 6.3 per cent. So while the quarterly measure fell to 3.6 per cent from 4.1 per cent in December, the March quarter is still high, dashing hopes of an early interest rate cut. Australians may have to wait for an interest rate cut with inflation still above the Reserve Bank target. Share or comment on this article: Inflation shock as cost of living spikes AGAIN - here's what it means for you All rights reserved for this news site (dailymail) and under his responsibility