Prices rose 1.3% from July to September

Trimmed mean inflation, excluding volatile categories like food and fuel, rose 1% through the September quarter and 3% year-on-year.

That's well above what economists were expecting and may all but rule out the chances of an RBA rate cut at next week's monetary policy meeting.

Electricity prices rose 9% through the quarter while housing prices increased 2.5% - the biggest contributors to the increase.

It's the largest three month jump in quarterly inflation in more than two years and the first time since December 2022 that annual trimmed mean inflation has increased.

No more rate cuts this year?

The September quarter inflation numbers will likely be the most significant point of discussion at the November monetary policy meeting, set to take place over the course of Monday and Tuesday.

The most recent RBA forecasts had September trimmed mean inflation at around 2.6% and Governor Michele Bullock acknowledged on Monday that an annual read of 2.9% would be considered a 'material miss'.

Unemployment's jump to 4.5% in September might be unlikely to give the Board pause, with Ms Bullock telling this week's ABE dinner that the RBA won't "leap" at a single number.

"There are still jobs being created, just not as many," she said.

RBA rhetoric over Ms Bullock's tenure and that of her predecessor Philip Lowe has been consistent - its priority is addressing inflation.

A Melbourne Cup Day rate cut would likely be a major departure from that.

What's getting more expensive?

Rising 9%, the cost of electricity saw the biggest increase through the September quarter.

Price reviews came into effect from July, with households across Australia seeing their annual bills upped while those in New South Wales and Canberra haven't yet received payments from the extended Energy Bill Relief Fund.

Elsewhere, food and non-alcoholic beverage prices grew by 3% through the year to September, with coffee, tea, and cocoa 14.6% more expensive than in September '24.

"This reflects lower supply from major overseas suppliers of coffee beans," ABS head of prices statistics Michelle Marquardt said.

Brisbane prices growing fastest

The ABS also breaks down inflation by capital city, revealing Brisbane experienced the greatest annual increase in inflation, with prices up 4.7% year-on-year.

Prices in Brisbane have risen by about 46% since 2011-12, according to the ABS - more than any other city.

Prices in Adelaide (up 44%) saw the second fastest rise.

However, Adelaide recorded an inflation rate of just 2.4% over the twelve months to September - within the RBA's target band, alongside the inflation rate realised in Sydney (2.9%), Melbourne (2.6%), Darwin (2.5%), and Canberra (2.8%).

Perth (up 4.5%) and Hobart (up 4.3%) were also well above the upper bound of the 2-3% target.