Carrington Clarke

If you'd like to send in a question, you can email abcbusinessdaily at abc.net.au.

Catch you next time, Amelia.

When big news breaks around the world, we've got the time to get into what's happened.

The Kremlin propagandists are very happy.

I'm Carrington Clarke.

And I'm ABC Business reporter Daniel Ziffer.

Yeah, some people might be a bit confused, like, hold on, didn't we get inflation data recently?

We did.

We had some at the end of March, but it was essentially worthless because it covered February before this conflict had really kicked off.

So it wasn't a real representation of what was happening in the economy at the time that it was released.

This one will take into account the massive inflationary pressure that has come from soaring fuel costs, even though that's more kind of the bowser.

I don't know that we've really felt the full impact of those heightened fuel costs, that less supply in the world, because most big companies, for example, the airlines and others, they buy stuff well ahead of time.

they're not buying petrol at the pump in the same way as we do and affected by those instant shocks.

So we're still going to see more of that flowing down the line in the coming months and probably perhaps even to a greater extent because things that we haven't thought of yet that we've still got storage of now, things like fertiliser, plastics, all these kind of petrochemical products, we've got them now.

the pressure is going to be in the coming months.

So it will be a fascinating read to see what happened at the very start of this conflict and the pressure that will be ongoing.

I mean, you'd love to be in the room.

To remind people for the look at inflation we had before this conflict took off, the Consumer Price Index, the CPI, rose 3.7% for the year to February.

The trimmed mean, which is the RBA's preferred measure, which excludes volatile items, that was 3.3%.

Now, that's still higher than the RBA wants it, which is 2% to 3%.