Australia's central bank has surprised markets with a larger-than-expected hike in its benchmark interest rate. The adjustment of half a percentage point is the largest in more than two decades. It's a sign that officials there are growing increasingly concerned over consumer prices, which rose more than 5% in the first quarter. Meanwhile in China, economic engines are once again starting to fire on all cylinders after the easing of lockdowns.

Naeem Aslam is the chief market analyst at AvaTrade in London. He says consumer prices won't cool down soon.

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