Inflation shock as cost of living spikes AGAIN - here's what it means for you

Australians may have to wait for an interest rate cut with inflation climbing again - putting it further above the Reserve Bank's target as petrol prices soar.

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. 

Petrol rises surged by 8.1 per cent over the year as Israel's war with Hamas and now Iran pushed up crude oil prices, leading to premium unleaded selling for more than $2.20 a litre across Sydney.

The quarterly measure of inflation, however, showed some moderation with the CPI rising by 3.6 per cent - down from 4.1 per cent in December.