There's pressure growing for the Reserve Bank to move more aggressively on the Official Cash Rate.

New Zealand's inflation rate is officially back on target, at 2.2 percent.

Infometrics Principal Economist Brad Olsen says that although the Reserve Bank has recently cut the OCR - it's still higher than it should be.

He says the Bank probably needs to slash the rate faster than it originally intended.

"It does open that strong possibility of a 75 basis point cut in November - because they'll be taking a 12-week break over summer."

LISTEN ABOVE

• 'End of crushing price rises' as inflation falls
• 'Rapidly rising': Kiwis face housing pain despite inflation drop
• 'Brighter days ahead': Reserve Bank cuts OCR by 50 basis points to 4.75%
• ASB cuts rates after Kiwibank's move ahead of OCR decision
• Reserve Bank keeps OCR on hold but expectations rise for earlier cut