Last week, ABS data showed annualised inflation data for the September quarter reached 7.3% - the highest rate since 1990.

Underlying inflation (inflation with seasonal impacts removed) was 6.1%.

Given the RBA's main target is to keep underlying inflation within a 2-3% band, what are the central bank's likely moves in its November 'Melbourne Cup' board meeting?

Last month, RBA Governor Dr Philip Lowe said the board decided on a 25 basis point hike - instead of 50 basis points - to assess the impacts of 250 basis points' worth of tightening in less than six months.

Here's what some of the experts are saying.

CBA economists: +0.25%

CBA's head of Australian economics Gareth Aird maintained that despite higher-than-expected inflation figures, Australia's largest bank has maintained a 25 basis point cash rate increase forecast.

"There are no two ways about it - inflation is red hot in Australia right now, as it is in many parts of the world, and we expect the RBA will respond by raising the cash rate again at the November Board meeting next week," Mr Aird said.

"Indeed our call has been that the RBA will deliver one or two more 25 basis point rate hikes and then pause for an extended period."

Mr Aird was the only one of the major economists to correctly forecast a 25 basis point hike in October.

Westpac economists: +0.50%

Westpac chief economist Bill Evans said strong inflation will mean the RBA Board will move by 50 basis points on Tuesday.

"The best way for the central bank to break this nexus is to adopt strong rhetoric and strong action," Mr Evans said.

"The Board should also be concerned about the unusual nature of this cycle as the economy emerges from the pandemic. Labour markets are uncharacteristically tight while the household sector has accumulated significant savings which can buffer higher rates."

ANZ economists: +0.25%

ANZ economists expect the RBA to stick to its 25 basis point hikes, which will elongate the overall hiking cycle.

"Inflationary pressures are persistent and harder for the RBA to rein in, particularly given that the overall economy is in good health with solid household spending, strong business conditions and a substantial volume of unfilled labour demand," economists David Plank and Catherine Birch said.

It has updated its forecast for the RBA cash rate to peak at 3.85%.

NAB economists: +0.25%

NAB chief economist Alan Oster also pointed to high inflation and low unemployment, but said the RBA will maintain its 25 basis point increase.

"As such we continue to see two more 25 basis point increases in November and December taking the cash-rate to 3.1% by year-end," Mr Oster said. 

"We then expect two additional 25 basis point increases in February and March 2023, which would follow the release of the December quarter in January and wages data in February."

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