Cost of living pressures are expected to ease, but will remain at a much higher level than usual.

Statistics New Zealand’s poised to unveil the latest inflation figures later this morning. 

The highly anticipated Consumer Price Index is tipped to drop from the recent record high of 7.3 percent, to closer to 6.5. 

That’s according to ASB, whose Senior Economist Mark Smith says New Zealand’s probably past peak inflation levels.

But he says the expected CPI dip won't stop the Reserve Bank from increasing the Official Cash Rate over the coming months.

LISTEN ABOVE

• Economist: Inflation figures won't show full picture of rising consumer prices
• Inflation numbers are out tomorrow, economists predicting a drop