Reserve Bank of Australia Deputy Governor Andrew Hauser said the public was "furious" about inflation and acknowledged Australians were struggling with the continued high cost of living.

"People are furious about inflation," Mr Hauser told the ABC's 7.30 program on Tuesday, calling it the central bank's "one big problem".

Headline inflation rose to 3.5 per cent in the year to July. The RBA board will meet at the end of September to decide whether to move or hold the cash rate, which currently sits at 4.35 per cent, ABC business (AU) reports.