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“For the past two years, the playbook has been simple: raise interest rates, slow demand, to bring inflation down. But next week’s CPI lands at a time when inflation is no longer being driven purely by demand.”

This was already argued during Russian invasion of Ukraine after the nordstream was blown up and Europe went on a blitz buying up all the worlds coal and gas supplies forcing massive increases in energy prices, the question was what does raising the interest rate do to help reduce the demand for something that is a staple

“(The CPI data) is a test of whether the current strategy still works or whether Australia is heading into a period in which inflation remains elevated while growth slows anyway.

No it’s not, if it’s higher because of the oil crisis then it’s higher because of the oil crisis and the decision to move towards renewables continues to be confirmed to be the right one, to reduce inflation, to increase growth etc