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Hot inflation dashes hope of Melbourne Cup rate cut
THE chance of another interest rate cut in November has been dealt a “knockout blow” by hotter-than-expected inflation numbers, economists say. Underlying inflation rose one per cent in the three months to September, to hit an annual reading of three per cent. Housing, recreation and culture, alcohol and tobacco, and communication had the biggest price increases over the most recent quarter, according to the Australian Bureau of Statistics. Underlying or trimmed-mean inflation is the Reserve Bank’s preferred measure because it ignores volatile items such as power pr
