The RBA hoped this year’s three interest rate rises would tame inflation – but nothing is going their way

Fuel prices are rising again in Australia, with petrol nearing $2.10 a litre and diesel passing $2.50. Photograph: Joel Carrett/AAP

For five years the Reserve Bank has been trying to wrangle inflation back to its 2.5% target, and for years it has essentially failed.

The result is a cost-of-living crisis that has generated intense community grievance.