Australian home borrowers are now more likely to miss out on an interest rate cut next week, with inflation worsening. Monthly indicator data for August showed the consumer price index growing by 3 per cent over the year. Food and non-alcoholic beverage prices rose by 3 per cent while tobacco prices went up by 12.6 per cent, even before the excise increase on September 1. Services inflation is still on the high side, with education costs rising by 5.5 per cent as insurance and financial services expenses went up by 3 per cent. With volatile price items excluded, underlying or trimmed mean inflation was at 2.6 per cent, and above the mid-point of the RBA’s 2 to 3 per cent target.