Another RBA rate rise won’t fix inflation – it will just smash households already hit by soaring fuel costs

The Reserve Bank governor, Michele Bullock. Greg Jericho writes that the likelihood of a rate rise next week is ‘all but certain’. Photograph: Hollie Adams/Reuters

With the release of the March inflation figures on Tuesday showing a big jump, the likelihood of a rate rise next week has become all but certain. Admittedly it was all but certain before the release of the figures, because the Reserve Bank is determined to smash households even though the cause of inflation is overwhelmingly due to international events.

A month ago I noted of the February inflation figures that they were out of date the moment they were released given they did not take into account the impact of the rise in prices from the war on Iran.