Inflation was already too high, reflecting the fact that demand was outstripping supplyThe cash rate was not high enough to bring inflation back to the targetHigher petrol prices will add to inflation but they were not the reason for today's decisionThe risks to inflation have tilted to the upsideWe must also make sure that higher inflation does not lead to inflation expectations moving higherWill continue to be guided by incoming dataMore to come.. This article was written by Justin Low at investinglive.com.