The Reserve Bank concedes it underestimated inflationary pressures in the economy as it left interest rates on hold and the case mounts for the next move to be up.

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In a unanimous move that was widely predicted by economists and bonds traders, the central bank held the cash rate steady at 3.6 per cent on Tuesday.

Hopes of a Melbourne Cup day cut were dashed after a shock surge in inflation reported last week.

Underlying inflation, which is the Reserve Bank's preferred measure, jumped one per cent in the September quarter, which was materially h

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