The Reserve Bank is bracing for inflation to soar to five per cent by June for the first time in three years as a result of crude oil prices remaining at $US100 a barrel, the minutes of this month’s meeting have revealed. Despite a close vote, RBA monetary policy board members were nervous about consistently higher oil prices feeding through to other parts of the economy when they raised the cash rate by another 25 basis points to 4.1 per cent on March 17.