All eyes are on the Reserve Bank - for its next moves on our high inflation.

The latest Consumers Price Index reveals inflation's at 7.2 percent - confounding economists prediction of a drop to below seven.

Some thought it'd go as low as 6.3.

Former Reserve Bank economist, Michael Reddell says that forecasting inflation can be a mug's game, because things move around so much.

Australia's inflation rate is sitting at 6.1 percent, and economists there expect a rise to 6.9 next week.

LISTEN ABOVE

• Economist: Inflation figures won't show full picture of rising consumer prices
• Inflation rate nail-biter: Consumers Price Index brings some new relief