Following Wednesday's inflation data, Westpac became the last of the major four banks to predict rates would be held in August. "Following three consecutive RBA rate hikes earlier this year, Australian families are dealing with an unrelenting, compounding cost-of-living squeeze hitting mortgage repayments, insurance, energy bills, fuel and supermarket trolleys all at once." Zyft consumer finance expert Joel Gibson said Wednesday's figures confirmed what Australians already knew – the pressure on households is compounding and relentless. "That's not to say rate hikes are completely off the cards." Australian households still face inflationary pressures, and potential rate hikes, despite a surprise drop in June inflation.