Annual headline inflation jumped to 7.3 per cent and Black Friday pushed retail sales to an 11th consecutive monthly rise in November, lowering the likelihood the Reserve Bank of Australia will pause interest rate rises.

CPI inflation is back to an equal 32-year high after it dipped to 6.9 per cent in October, according to the Australian Bureau of Statistics. The RBA is forecasting inflation to have peaked at about 8 per cent in December.