On the face of it, there’s nothing in higher-than-expected inflation data that should halt the rally that has helped the ASX 200 leap 7.5 per cent since the start of the year and put the benchmark index within touching distance of a record high.

Yes, the CPI numbers shocked economists; the headline reading of 7.8 per cent was the highest since 1990 and the trimmed mean measure, which leapt to 6.9 per cent, came in well above the Reserve Bank’s forecast. And yes, the data has all but cemented a 0.25 per cent rate hike when the RBA meets in a couple of weeks.