Inflation is likely to hit 5 per cent by the middle of the year and could soar to 7 per cent by Christmas if the war against Iran pushes oil to $US200 a barrel, with Jim Chalmers’ fifth budget to confirm Australians will face ongoing price pressures. This masthead can reveal Treasury believes inflation will peak higher than the Reserve Bank estimates, contributing to a slowdown in the economy that will also feed into a softer jobs market. Jim Chalmers will reveal inflation is on track to hit 5 per cent by mid-year because of the war against Iran. Alex Ellinghausen The government is waiting until the latest possible time to finalise its most important economic forecasts given the turmoil in global oil markets created by the war against Iran. Brent crude has moved between $US98 and $US115 a barrel in the past five days, meaning $200 is an extreme scenario.…