Breaking: Inflation surges more than expected ahead of RBA meeting

Australia's inflation rate picked up more than expected in September, increasing expectations of an interest rate hike next week.Headline inflation rose to 0.8 per cent in the month, taking annual inflation to 4.3 per cent, up from 4 per cent in August.Last week, Reserve Bank deputy governor Andrew Hauser warned the inflation outlook looked "materially worse" than the RBA had forecast, raising the prospect of another interest rate hike next week.Market pricing put the chance of a November rate hike at more than 60 per cent ahead of today's inflation data release.The RBA's interest rate setting board will kick off its meeting on Monday and hand down its decision on Tuesday afternoon.It will also release its updated economic forecasts, including for inflation.