The latest figures show Australian inflation remained stubbornly stubborn in the third quarter, greatly increasing the risk of the RBA raising interest rates next month。

Data released by the Australian Bureau of Statistics on Wednesday (October 25) showed that the consumer price index (CPI) rose 5% year-on-year in the third quarter..4%, exceeding market expectations of 5.3%。And the closely watched core inflation indicator (excluding volatility items) rose 5.2%, also exceeded expectations。

The main drivers of higher-than-expected inflation in the third quarter were fuel, rents and electricity.。Among them, fuel prices rose 7.2 per cent, reversing two quarters of price declines and the continuation of the Middle East conflict could further exacerbate pressure on fuel prices。Rents up 7.6%, the fastest since 2009。Inflation also remains high for a range of services such as restaurant catering and。

However, food prices recorded their slowest quarterly gains in two years as fruit and vegetable prices fell。Supermarket giant Woolworths said on Wednesday that the average price of products sold in its September quarter rose just 2 percent from a year earlier, slowing significantly from previous quarters.。

The latest data may increase the likelihood that the Reserve Bank of Australia (RBA) will restart interest rate hikes in November after four pauses on rate hikes。After the new governor Michele Bullock warned that if there is a substantial escalation in the inflation outlook, the central bank will "not hesitate" to raise interest rates。

Current futures prices show the RBA raising interest rates by 25 basis points to 4.A 35% probability is 66%, compared to a 35% probability before data。

Two of Australia's four largest banks - Commonwealth Bank of Australia and ANZ - have abandoned their previous predictions of no interest rate hike in November after the data came out.。Both now expect the RBA to raise rates by 25 basis points in November。

Adam Boyton, head of Australian economics at ANZ, said: "We have been highlighting the risk that banks may act towards the end of the year or early next year and now we think it is very likely that this risk will become a reality on November 7."。Boyton added, "Although 4.35% should mark the peak of the cash rate, but there is a risk that it could tighten beyond that level。Any easing still has a long way to go。"

Gareth Aird, head of Australian economics at the Commonwealth Bank of Australia, expects the November rate hike to allow the RBA to retain the core rationale for inflation to return to its target range by the end of 2025.。

Expectations that the RBA will raise interest rates on November 7 pushed the Aussie dollar up 0.5%, to a one-week high of 0.6385 美元。Separately, three-year government bond yields rose to 4.28%, the highest level in 2011。

Commenting on the growing risk of a rate hike, Commonwealth Bank of Australia strategist Carol Kong said the Australian dollar "could appreciate further in the coming days" as markets reprice the possibility of a November rate hike.。

In addition, the market is also worried that the RBA will raise interest rates again next year, and the market currently expects interest rates to reach 4.46% peak, up from 4.35%。This would make Australia the only country in the developed world to consider raising interest rates in the next six months, as markets are now betting that the Federal Reserve and the European Central Bank will suspend rate hikes.。

The RBA had previously predicted in August that inflation would not reach the 2-3 per cent target range set by the central bank until at least 2025.。The RBA will officially release its latest outlook, or monetary policy statement, three days after the November rate decision.。

National Australia Bank senior economist Taylor Nugent said the RBA's August forecast was full of hope that they were already tackling demand-driven domestic inflation.。But today's data suggest that that hope has been dashed。