headline inflation came in at 4.3 per cent <\/a>for the 12 months until September. It was 4.0 per cent in August.<\/p>\nThe all-important trimmed mean inflation rate \u2013 which cuts the top and bottom 15 per cent of items \u2013 came in at 3.6 per cent in September.<\/p>\n
Both figures were above the Reserve Bank\u2019s target of 2-3 per cent inflation.<\/p>\n
Mr Bloxham said the economy needed to cool down in order to get inflation back towards target.<\/p>\n
\u201cThe RBA needs to get inflation back to target and the thing that has shifted in the last little while is that the bank has put a higher priority on getting inflation back to target soon,\u201d he said.<\/p>\n
\u201cWhen we think about what the RBA is trying to do, they are focused on getting inflation back to target even if it means a harder landing in the economy.<\/p>\n
Expectations of a Melbourne Cup day rate rise soared to 82 per cent from 66 per cent, after the ABS release and most economists said it would be hard for the RBA to keep the official cash rate on hold.<\/p>\n
The Commonwealth Bank, NAB, Westpac and ANZ updated their forecasts on Wednesday after the September inflation print came out.<\/p>\n
The ANZ is expecting another rate hike could be on the cards at the December meeting \u2013 the last of the year.<\/p>\n
Commonwealth Bank head of Australian economics Belinda Allen said the country\u2019s biggest home lender now expected the RBA to hike the cash rate by 25 basis points to 4.85 per cent.<\/p>\n
She said inflation came in hotter than the market was expecting but in line with her bank\u2019s forecast.<\/p>\n
\u201cThe September quarter CPI print affirmed our view that a rate hike is on the cards next week,\u201d she said.<\/p>\n
This is the final inflation figure ahead of the RBA\u2019s critical Melbourne Cup day meeting next week.<\/p>\n","protected":false},"excerpt":{"rendered":"Australia could officially be in a recession by the start of next year, as a fifth straight interest…\n","protected":false},"author":2,"featured_media":946082,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[513338,513363,383008,402926,390281,511967,412295,394671,42993,393488,511996,28329,513362,233440,337378,393556,513319,513343,513323,513316,395154,513369,513350,513372,513311,513342,513359,513355,376490,513356,422354,379486,513367,513366,513321,513337,513347,513312,513322,5629,189442,64,513365,513370,63,402649,99,32092,513310,513333,513344,21375,513357,35794,513346,32366,161364,31008,350406,17119,42413,208,30020,513320,10930,1573,39045,513348,513329,33979,402698,14920,109496,513368,55129,5465,134613,282847,5626,303390,513328,513345,13307,513354,513308,460264,151884,513317,377384,513332,5630,513351,513360,46634,115817,155207,513309,7468,513327,77591,174614,513116,82161,44859,4846,8050,513330,43157,513364,513131,513331,73110,395584,13441,270967,513341,422366,513358,378319,513339,513340,405935,513325,313300,378293,404894,122841,56574,197503,387902,376549,475032,398113,382523,511959,513373,449029,225862,513121,513371,388503,422348,513315,377403,513336,402668,513335,513334,489278,513361,376950,376983,422361,419148,513318,394662,378969,513326,513313,513324,385795,513138,513314,106857,513352,513353,513349,41313,399942],"class_list":["post-946081","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-ownership-transfer-cost","tag-component","tag-s-economy","tag-s-target","tag-15-years","tag-2-3","tag-3-3","tag-3-6","tag-4-0","tag-4-3","tag-4-7","tag-28329","tag-50pc","tag-233440","tag-337378","tag-a-combination","tag-a-cooling-economy","tag-a-cooling-housing-market","tag-a-different-interpretation","tag-a-down-swing","tag-a-fair-bit","tag-a-fairly-rapidly-cooling-housing-market","tag-a-fifth-straight-interest-rate-hike","tag-a-further-0-2","tag-a-harder-landing","tag-a-higher-priority","tag-a-key-driving-force","tag-a-melbourne-cup-day-rate-rise","tag-a-number","tag-a-potential-driver","tag-a-recession","tag-a-row","tag-a-senate-inquiry-midweek","tag-a-significant-negative-impact","tag-a-very-wide-range","tag-a-yearly-basis","tag-all-capital-cities","tag-another-rate-hike","tag-any-risk","tag-anz","tag-areas","tag-au","tag-august-the-all-important","tag-aussie-recession","tag-australia","tag-australian-bureau","tag-business","tag-cent","tag-cent-inflation-mr-bloxham","tag-cent-mr-bloxham","tag-cent-this","tag-consumer-spending","tag-consumer-spending-patterns","tag-consumption","tag-cooling-housing-market","tag-domain","tag-exchange-rates","tag-expectations","tag-falling-house-prices","tag-gdp","tag-gdp-growth","tag-growth","tag-headline-inflation","tag-hold-the-commonwealth-bank","tag-house-prices","tag-houses","tag-housing-affordability","tag-housing-related-industries","tag-housing-turnover","tag-hsbc","tag-hsbc-chief-economist-paul-bloxham","tag-impact","tag-impacts","tag-indicatormr-bloxham","tag-indicators","tag-inflation","tag-inflation-rate","tag-interest-rate-hikes","tag-interest-rates","tag-items","tag-its-rate-rises","tag-just-0-1","tag-last-week","tag-last-year-data","tag-less-properties","tag-march-but","tag-mortgage-brokers","tag-most-economists","tag-mr-bloxham","tag-ms-hunter-said-mr-bloxham","tag-nab","tag-national-house-prices","tag-ned-9108-monthly-inflation","tag-newswire","tag-newswire-business","tag-next-year","tag-no-growth","tag-odds","tag-out-the","tag-property-investors","tag-rate-hikes","tag-rba-chief-economist-sarah-hunter","tag-rea-group","tag-real-estate-agents","tag-recession","tag-record","tag-rising-rates","tag-september","tag-september-both-figures","tag-some-chance","tag-stamp-duty-he","tag-state-taxes","tag-statistics-figures","tag-target","tag-tax-policies","tag-that-threshold","tag-the-12-months","tag-the-abs-release","tag-the-bank","tag-the-biggest-slump","tag-the-broader-economy","tag-the-call","tag-the-construction-cycle","tag-the-country","tag-the-data","tag-the-definition","tag-the-economy","tag-the-edge","tag-the-fall","tag-the-first-quarter","tag-the-first-time","tag-the-fourth-quarter","tag-the-housing-market","tag-the-impact","tag-the-impacts","tag-the-last-little-while","tag-the-main-thing","tag-the-moment","tag-the-near-term","tag-the-next-few-quarters","tag-the-odds","tag-the-official-cash-rate","tag-the-overall-economy","tag-the-rba","tag-the-real-economy","tag-the-reserve-bank","tag-the-reserve-banks","tag-the-september-inflation-print","tag-the-september-quarter","tag-the-sixth-straight-month","tag-the-start","tag-the-thing","tag-the-top-and-bottom-15","tag-the-turn","tag-the-two-organisations","tag-the-unemployment-rate","tag-the-year","tag-their-decline","tag-their-forecasts","tag-their-peak","tag-these-things","tag-those-indicators","tag-tightening","tag-train","tag-transfer-lawyers","tag-two-negative-quarters","tag-very-little-growth","tag-wednesday","tag-westpac-and-anz"],"_links":{"self":[{"href":"https:\/\/www.news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