Analysts yesterday used petrol prices, now at a 26-week high, and a new set of inflation data to underscore why the cash rate should be left at 4.75 per cent today.

Commsec's Savanth Sebastian said that petrol had already increased to $1.35 a litre and could reach $1.50 a litre if Egypt's political troubles spread to neighbouring countries, the home of much of the world's oil.

"All the data released today points to a soft economy that does not need any further interest rate hikes in the near term," Mr Sebastian said in a client note.

"Consumers and businesses were still refusing to borrow and the sustained rise in petrol prices will add further pressure to household budgets and slow spending," he said.

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