Indebted homeowners cry out for relief but RBA won’t be rushed as key inflation data looms

Most economists predict the RBA will cut the cash rate at the next regular meeting, delivering some relief for mortgage holders – unless this week’s CPI figures contain an unpleasant surprise. Photograph: Bloomberg/Getty Images

Consumer price figures released on Wednesday will determine whether a cautious Reserve Bank of Australia will give millions of mortgaged Australians a rate cut next month, economists say.

The RBA board earlier this month shocked the market and experts when, in a split decision, it decided to hold its key cash rate at 3.85%, defying near-unanimous predictions of a move to lower it.