Interest rates will rise today, economists say in near-full agreement

RBA DECISION SHOULD BE MADE WHEN THE SITUATION IN THE MIDDLE EAST IS CARD

The Reserve Bank of Australia (RBA) will announce its latest interest rate decision this afternoon, just days after it was revealed inflation had risen to 4.6% and as the war in the Middle East appears to be escalating once again.

AAP Financial markets are pricing in the chance of the RBA increasing the cash rate by 25 basis points, more than two-thirds, according to reports this morning.

Economists at Commonwealth Bank, NAB, ANZ, Westpac, AMP, Deutsche Bank, Challenger, JP Morgan, HSBC and Citi all predict rate hikes today.