Markets ramped up pressure on the Reserve Bank of Australia’s ultra-low interest rate policy after signs global supply chain disruption is pushing inflation into the central bank’s target zone quicker than its forecasts.

The RBA’s preferred core inflation measure jumped a bigger than expected 0.7 per cent in the September quarter, lifting the annual rate to 2.1 per cent and inside the bank’s 2-3 per cent target band for the first time in six years.