As global supply chain disruptions and unmet demand continues to push up prices of fuel, housing and food, inflation has seen its biggest spike since 2014, the Bureau of Statistics says. Over the 12 months to the end of December, the consumer price index jumped 3.5% while underlying inflation jumped 2.6%. That’s within the Reserve Bank’s target rate of 2-3%, but above economists’ forecasts. Treasurer Josh Frydenberg said despite supply issues, Australia’s economy is “remarkably resilient”, and our inflation rate is still below that of the US, the UK, Germany and Canada. But Labor Treasury spokesman Jim Chalmers said the latest figures show the cost of living is increasing while few are getting a pay bump. Cue discussions about whether the Reserve Bank will lift interest rates from the record lows of 0.1%, despite saying 2024 is the most likely timing for an increase. Given we’re seeing some inflation, some analysts reckon we might see it as early as August this year.