Analysts have largely written off the possibility of more mortgage relief on Melbourne Cup Day, but updated economic forecasts could hold the answer to where the bank will move next.

With inflation rising again, the majority of market economists and bond traders are predicting the Reserve Bank will leave the cash rate on hold at 3.6 per cent when the monetary policy board leaves its lock-up on Tuesday.

A surprise surge in inflation last week meant the RBA would "definitely" leave rates on hold, Chartered Accountants chief economist Richard Holden said.

Underlying or trimmed mean inflation, which is the Reserve Bank's preferred measure, jumped one per cent in the September quarter, which was materially higher than the bank's forecasts, governor Michele Bullock said.

After cutting rates

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