The Reserve Bank is tipped to raise interest rates by either 25 or 50 basis points at a meeting on Tuesday, as part of ongoing efforts to get soaring inflation under control.

Inflation reached a 32-year high of 7.3 per cent in the September quarter and is forecast to rise to 7.75 per cent before the end of the year.

A 50-basis point increase would take the official cash rate to 3.10 per cent - the highest level since April 2013.

The expected rate rise will add immediate cost-of-living stress to mortgage holders, which are facing the prospect of surging electricity and gas bills over the next 18 months.

The federal government is preparing to launch an intervention into the energy market after last week's budget revealed forecasts showing electricity prices were set to jump 56 per cent, and gas prices 44 per cent, over that period.

The government appears all but certain to shift the code of conduct for gas companies from voluntary to mandatory, and is open to more drastic changes, including a price cap.

Prime Minister Anthony Albanese on Monday said the government was considering its options in consultation with the energy sector.

But Mr Albanese has refused to put a timeframe on the potential intervention, amid reports the energy regulator has warned that a decision to cap prices must be done before the end of November.

"We're working through all of these issues and we want to act responsibly, and we want to act as soon as is practicable," he said.

Mr Albanese said the government wants to "alleviate" pressure on households and businesses, which he acknowledged were under strain from soaring energy costs.

The government is reluctant to offer cash handouts amid concerns it would fuel inflation, meaning regulatory interventions are its main weapon to cushion households and businesses against energy bill shock.

Mr Albanese again attacked the former Coalition government, pointing out that the 20 per cent increase in electricity prices forecast for this year was already "baked in" - but hidden from voters - before the federal election in May.

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Opposition leader Peter Dutton would not be drawn on whether he would support an energy price cap.

But Mr Dutton was scathing of Labor's approach to managing the energy crisis.

"If they had a plan to cap gas prices, why wasn't that plan announced in last Tuesday's budget?" he said.

"Why wasn't the Australian public provided with the detail?

"It seems that they've been in a state of panic since the Tuesday night budget, because it's gone down so poorly, and they are now starting to make up this sort of policy on the run."

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