RTTNews - Correction: The indicator was incorrectly mentioned as consumer inflation expectations in the earlier version. The indicator released on July 31 was the TD Securities-Melbourne Institute Monthly Inflation Gauge. This is the corrected version.

A monthly inflation gauge for Australia jumped to its highest level in seven years.

The TD Securities-Melbourne Institute Monthly Inflation Gauge increased 0.9 percent in July. It marked the steepest rise in the seven year history of the gauge.

The figure followed an increase of 0.4 percent in June.

For the full year to July, the inflation gauge increased by 1.9 percent, with the Melbourne Institute noting the figure was just below the Reserve Bank of Australia's target range of two to three percent.

The most recent government reading of inflation showed an increase of 0.5 percent for the June quarter, up from 0.1 percent in the March quarter.

TD Securities economist Annette Beacher said that based on the figures, The RBA will almost certainly leave rates steady at next Tuesday's monthly board meeting. The rate is currently sitting at 3.0 percent.

For comments and feedback: contact editorial@rttnews.com