There are concerns we're becoming too used to high inflation. Annual inflation is currently at 7.2 percent.

ASB Chief Economist Nick Tuffley says there are signs perceptions of future inflation are slipping.

He says a recent Reserve Bank survey shows people think inflation will still be about 5 percent a year away and about 3.6 percent in two years.

Tuffley says that jumped about half a percent compared to the survey a few months earlier.

LISTEN ABOVE

• Inflation rate nail-biter: Consumers Price Index brings some new relief
• Cost of living soars: Biggest inflation surge since 1987
• Economist: Big issue is how much tightening is required to get on top of inflation