A leading economist warns today’s dire inflation figures could trigger the first big interest rate hike as early as next week.

CommSec senior economist Ryan Felsman told Liam Bartlett on 6PR Mornings a June interest rate rise was definitely on the cards, and could come even sooner, as several contributing factors led to higher prices across most sectors.

“With those inflation numbers there could be a chance the Reserve Bank will lift interest rates, we think they may wait for the wages update in the middle of May,” he said.

Consumer prices jumped by 2.1 per cent through the first three months to March, taking annual inflation to 5.1 per cent – its highest level since the introduction of the GST, according to the latest Australian Bureau of Statistics figures released today.

The result is mainly being driven by soaring petrol prices and housing costs.

The figures go to the heart of the election debate on rising costs of living, with inflation at levels not seen since 2000.

The most significant contributors to the rise in consumer prices were new dwellings (up 5.7 per cent), fuel (up 11 per cent) and tertiary education (up 6.3 per cent).

Press PLAY below to hear more from CommSec’s Ryan Felsman on Mornings