Shares took the second sharpest nosedive of the year on the ASX when higher than expected inflation data intensified fears that the Reserve Bank of Australia would push up interest rates. The market exacerbated early losses on Jan. 25 after the December quarter data showed the annual inflation rate increased to 3.5 percent. This higher figure has made investors worry that the Reserve Bank of Australia (RBA) will raise interest rates in the near future. The benchmark S&P/ASX200 index closed at 6,961.6 points, dropping 177.9 points, or 2.49 percent. Meanwhile, the All Ordinaries index went through a higher drop of 2.6 percent or 193.4 points, closing at 7,248.1 points. Energy shares performed the worst, falling about four percent. In addition, shares in materials, technology and property experienced losses of around three percent or more. As higher inflation statistics emerged, analysts began to discuss the likelihood of RBA pushing up the …