Australians hoping for an interest rate cut in November will likely have to wait a while longer after crucial inflation data came in far hotter than expected.

The new figures from the ABS revealed the consumer price index rose 1.3 per cent in the September quarter, the largest quarterly rise since March 2023, while the trimmed mean – the RBA's preferred measure of underlying inflation – was up 1.0 per cent.

Reserve Bank Governor Michele Bullock said on Monday that even a 0.9 per cent result on the latter measure would be a "material miss".

Over the 12 months to September, headline inflation rose to outside the RBA's target range at 3.2 per cent – up from 2.1 per cent in June and the highest level since June 2024 – while the trimmed mean reached 3.0 per cent, up from 2.7.

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