ING says persistent services inflation and resilient labour data have put the RBA on track for a cautious February rate hike. Summary:ING says Australia’s stronger-than-expected Q4 CPI has reinforced the case for a 25bp RBA rate hike in February. Trimmed mean inflation rose to 3.4% y/y, above consensus, with housing and services price pressures remaining persistent. ING noted that the persistence of services inflation through the third and fourth quarters suggests inflation dynamics are becoming increasingly structural rather than temporary. Employment growth rose to an eight-month high in December, with more than 80% of the increase coming from full-time jobs.