WEEKEND ECONOMIST: Inflation worries

New inflation data will be released next week and the RBA will be watching nervously. If inflation does not appear to be trending down, a 50-basis-point rate rise in November is even more likely.

The October Board Minutes clearly indicate that the Bank is now likely to revise up its inflation forecasts: "while current forecasts suggested it (inflation) would fall in the coming year the expected trough in inflation was significantly higher than earlier thought" and "by 2011 inflation could be rising again."

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