SYDNEY, AUSTRALIA - DECEMBER 06: Pedestrians and shoppers move along George Street on December 06, 2024 in Sydney, Australia. Lisa Maree Williams | Getty Images News | Getty Images Australia's inflation rate soared to 4.09% in the first quarter from a year earlier, marking its highest level in more than two years. The reading was lower than the 4.2% expected by economists polled by Reuters, but it still raised the prospects of an interest rate hike by the Reserve Bank of Australia. Prices increased 1.4% from the previous quarter. In March, inflation climbed to 4.6%, driven mainly by higher costs for housing, transport and food. The 4.6% reading was the highest since Australia began publishing monthly consumer price index data in 2025. The data also comes ahead of the Reserve Bank of Australia's policy meeting next week. The central bank raised rates to 4.1% at its March meeting, the highest level since April 2025.…