The shock climb in inflation has prompted economics teams at some of Australia's major banks to reassess their forecasts for the Reserve Bank's cash rate.

The consumer price index rose at an annual pace of 3.2 per cent in the September quarter, up from 2.1 per cent in June, while underlying inflation rose to the top of the RBA's 2-3 per cent target band .

The data has all but wiped out expectations of a November cut, with some prominent economists still reviewing their forecasts for where the cash rate will go from here.

CBA call changed, Westpac's under review

Commonwealth Bank's economics team has ripped up its previous rates call, now expecting the cash rate to remain steady at 3.6 per cent, with no further cuts this cycle.

Belinda Allen, the head of Australian economics at the C

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