Inflation data may disappoint home borrowers hoping for an interest rate cut on Melbourne Cup day. Photo: James Ross/AAP PHOTOS

Hopes of an interest rate victory on Melbourne Cup Day may be dashed with expectations that inflation will not be reined in.

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A stronger-than-expected inflation reading on Wednesday could postpone any rate relief when the central bank meets the following week.

The data will give the Reserve Bank a better sense of the pressures on Australia's economy ahead of the board's meeting in the first week of November.

Economists predict headline inflation to increas

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