We already know we’ve been paying a lot more for petrol, rent and electricity, but the rising prices could lead the Reserve Bank to raise interest rates again. 

The latest measure of inflation shows a rebound from the previous quarter, leaving the annual rate at 5.4 percent.

Today, business editor Ian Verrender on what the RBA board is likely to do when it meets on Melbourne Cup Day and why it needs to tread very carefully.

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Ian Verrender, ABC business editor