A November rate cut is, to borrow a phrase, dead, buried and cremated.

A self-professed data-dependent Reserve Bank simply cannot cut interest rates in the face of inflation that has breached the top of its 2-3 per cent target band .

The bank's governor said as much when she spoke to a room full of economists on Monday night, warning that a 0.9 per cent quarterly core inflation figure would be a "material miss" compared to the RBA's forecasts.

The "trimmed mean" for the September quarter, which strips out the most volatile price moves up and down, came in at 1 per cent. The headline number was 1.3 per cent.

Inflation surges to 3.2pc in September quarter

Inflation data has came in much hotter than economists were expecting with annual inflation surging to 3.2 per cent in the Septembe

See Full Page