Economists say the Reserve Bank has set itself a high bar for a return to supersized interest rate increases, despite governor Philip Lowe on Tuesday describing inflation as the enemy of monetary policy and a “scourge” that must be defeated.

Barrenjoey chief economist Jo Masters said a return to 0.50 percentage point increases is not out of the question, but unlikely, noting the board’s decision to stick with a 0.25 percentage point increase this week despite stronger-than-expected inflation.