NAB has ruled out further rate cuts for the rest of the year, pushing back the timing of the Reserve Bank’s next relief to May next year amid “higher-than-expected” CPI data.

The bank initially forecast additional rate cuts in November, then February 2026

But in its latest forecast, NAB has pushed back the timing of the next cut to May after grim headline inflation figures were revealed by the Australian Bureau of Statistics (ABS) on Wednesday.

According to the latest monthly Consumer Price Index (CPI) indicator, headline inflation rose to an annual rate of 3 per cent – up from 2.8 per cent the previous month.

It marks the highest level since July 2024.

Canstar’s data insights director, Sally Tindall said the figures have popped any chance of a September rate cut.

“The RBA doesn’t pu

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