Economists are widely tipping we could be in for another interest rate hike when the Reserve Bank board next meets in early August after the latest inflation data was higher than expected yesterday. The May consumer price index (CPI) – which measures the value of goods and services in Australia – came in at 4%, up from 3.6% in April and above the forecast of 3.8%. That’s a 6-month high for inflation – and shows it’s moving further away from the 2-3% target rate the Reserve Bank is shooting for. Economist David Bassanese acknowledged the inflation increase could “only be described as a shocker” but reckons a rate rise in August isn’t locked in – yet. He said the next CPI data – June’s – is due on 31 July and will give us more of an idea. Stay tuned…