The Australian dollar experienced a rally on Wednesday following the release of higher-than-anticipated inflation data. The core measures of inflation remained above 4%, while the year-on-year headline rate slowed to 3.6%. The first quarter’s Consumer Price Index (CPI) showed a March reading of 3.5%, exceeding the consensus estimate of 3.4%. Following the CPI announcement, Australia’s two-year swap rate rose by approximately 15 basis points.
As the price of gas continues to rise nationwide, drivers in Menlo Park, California, are facing exorbitant prices, with regular unleaded reaching a staggering $7.29 per gallon. This price, which would equate to over $100 to fill up a 15-gallon tank, has left many X users and residents alike appalled. The high gas prices in California, which average $5.44 per gallon, are contributing to stubbornly high inflation, as data from the Bureau of Labor Statistics shows that more than half of the increase in the Consumer Price Index for March can be attributed to gasoline and shelter. While some social media users argue that the Menlo Park gas station prices are not as outrageous as they seem, given the $16-plus-per-hour minimum wage in the area, others maintain that the prices are unacceptable.
