The chance of a rate cut at the Reserve Bank’s next meeting has plummeted after annual inflation jumped to its highest level in more than a year and recorded its sharpest quarterly rise since 2022.

Inflation for the year to September was 3.2 per cent, according to data released by the Australian Bureau of Statistics on Wednesday, a rise in the headline inflation rate of 1.1 per cent.

Trimmed mean inflation, which removes the impact of the highest and lowest price changes and is a key measure for the Reserve Bank, came in at 1 per cent for the three months to September and 3 per cent over the year.

In its latest statement on monetary policy, the Reserve Bank said it expected headline inflation to climb to 3 per cent by the end of the year and for trimmed mean inflation to drop from 2.7 p

See Full Page