An economic "shield" is sparing Australians from the worst of shocks rattling the global economy, despite soaring inflation and cost-of-living pressures, the Prime Minister claims.

But Scott Morrison did not commit to extending temporary relief, saying the global instability driving higher prices "won't go on forever".

Speaking in Cairns on Thursday morning after inflation spiked to its highest level since 2000, Mr Morrison conceded cost-of-living pressures were being keenly felt by Australian households.