Interest rates will fall again when inflation returns to target but that could require a painful adjustment

There is a big, fat elephant in the room.

The federal government insists it has devoted considerable resources toward fighting inflation.

The Reserve Bank pushed interest rates up at quite the clip to ensure it did what was necessary to keep inflation from running away.

And yet, this week, underlying or core inflation, having gradually declined over the past three years, turned around, and headed back up.

All fingers pointed toward the rising total cost of electricity, despite the existence of some rebates.

What Australians really want though, is for their bills to stop climbing.

What will that take?

Necessary pain?

The Commonwealth Bank has an answer to that question.

"We expect it would take a material move higher in the unemployment rate, together with more moderate inflation p