Reserve Bank of Australia governor Michele Bullock says the latest set of quarterly inflation data came in a little higher than its most up-to-date forecasts.

But Bullock said the quarterly consumer price numbers were more or less in line with their evolving expectation that took into account higher prices at the petrol pump.

“The print came out a little higher than we’d been forecasting at our August statement on monetary policy, but it was pretty much where we thought it would come out given the information that has come in to since then, particularly the monthly CPI indicator,” Bullock told a parliamentary hearing on Thursday.

“We all know that fuel prices are rising, so that wasn’t a surprise.”

Bullock repeatedly said the central bank was still analysing the inflation data.

“I’m not prepared to say yet whether or not it’s a material change to our forecasts, because there is going to be a change to our forecasts,” she said.

“We have to look at whether or not it’s material enough to change our views on monetary policy.”

Petrol, rent, new builds and electricity helped fuel the 1.2 per cent lift over the three months to September, as captured in the Australian Bureau of Statistics’ quarterly consumer price index, up from 0.8 per cent in the June quarter.

Annual inflation moderated to 5.4 per cent from six per cent.

The central bank has kept interest rates on hold at 4.1 per cent for the past four meetings but repeatedly warned more tightening may be needed to bring inflation back to target.

Earlier in the week, Bullock made it clear the board would not hesitate to act if there was a “material upward revision” to the outlook for inflation.

The governor said the September inflation figures showed a continuation of the trend towards moderating goods prices while services inflation proved more persistent.

“When I say persistent it means that the inflation in those sorts of components of the CPI tends to last longer,” she said.

“Consistently, we’re seeing that although services inflation is declining, it’s still higher than we’re comfortable with.

So, in a sense, it reinforced all of that for us.”

The governor said the central bank would now be considering what the data meant for its own forecasts to bring inflation back in a timely matter.

The RBA will release a new set of forecasts after the November board meeting in the statement on monetary policy.

“And there we will have a reflection for what this might mean for our forecasts.”

Treasurer Jim Chalmers said the inflation numbers would not materially change Treasury’s forecasts but the RBA would make its own assessment.

Several economists believe the consumer prices data, particularly the underlying measures, were strong enough to warrant concern.

Both Commonwealth Bank and ANZ economists have revisited their forecasts, with the big banks now leaning towards a 25 basis point hike in November. NAB was already expecting the board to move next month.

Deloitte Access Economics economists did not believe the September figures supported the case for more interest rate increases.

“We would question the efficacy of further increases in interest rates from here, given that none of the excessive price growth in the September quarter appears to be driven by strong household spending or an over-heating economy,” partner Stephen Smith said.

If a 13th rate hike eventuates, the average borrower will be slugged with another $76 increase to their monthly repayments, according to RateCity analysis.

In total, households with a $500,000 debt at the start of the hikes would have to find an extra $1210 a month if the cash rate inches 25 basis points higher.