Australia is set for its fifth interest rate hike of the year, intensifying its fight against inflation.

The Reserve Bank of Australia may raise interest rates for the fifth time this year to curb inflation. The country's inflation level is high among developed economies. Most economists expect the RBA's nine-member board to raise the cash rate by 25 basis points to 4.85%, an 18-year high. The RBA's inflation target range is 2%-3%, and inflation has long been above the upper end of that range, which would damage the central bank's hard-won credibility.