Hi, Peter Martin from The Economy, Stupid.

If this week's huge jump in inflation — to 4.6 per cent — was all there was to it, Australia's Reserve Bank might be prepared to ride out the storm, knowing that eventually hostilities in the Middle East will end, oil prices will drift down, and inflation will sink back towards its target of 2-3 per cent.

But the Bank's deeper concern is that everyone will try to make up for rising costs in an upward spiral.

For example, by truckers by charging more, businesses by raising prices, and workers by asking for higher wages.

If that happens, prices keep chasing wages and wages keep chasing prices and inflation feeds on itself and keeps rising.

It's what happened after oil prices jumped in the mid-1970s.

It hasn't happened yet. Wage rises remain modest, and price expectations remain anchored.

To hear more, listen to The Economy, Stupid to find out whether the Bank will sit on its hands and see how we respond to much higher prices, or lift rates for a third meeting in a row just in case.

Have a great weekend.

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