SINGAPORE (Reuters) – Two of Australia’s big four banks expect the benchmark cash rate will rise next week and a third sees increased risk of a hike after a surprisingly strong inflation reading on Wednesday.

National Australia Bank and ANZ Bank pulled forward their lift-off forecasts from June to May and expect a 15 basis point hike next Tuesday. The Commonwealth Bank of Australia said a cash rate hike was “a clear risk” but stopped short of shifting its forecast for a June hike.

Westpac last week forecast a 40 bp hike in June.

Data published on Wednesday showed inflation hit a two-decade high last quarter.

Swap-market bets on a 15 bp hike firmed about even to pricing about 90% chance the benchmark cash rate is lifted from a record-low 0.1% to 0.35%.

(Reporting by Tom Westbrook; Editing by Himani Sarkar)