A surprising feature of the inflation data was a big jump in the price of coffee. Photo: Julian Smith/AAP PHOTOS

The soaring price of coffee beans could be the reason home owners miss out on a Melbourne Cup day interest rate cut.

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Australian Bureau of Statistics data released on Wednesday showed consumer prices rose 3.2 per cent in the 12 months to September, jumping out of the Reserve Bank's target band of two to three per cent for the first time in more than a year.

Driving the spike were strong increases in the cost of education, health, housing, alcohol and tobacco.

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