The Opposition says it's time the Government took another look at its instructions to the Reserve Bank on inflation.

Inflation has been well outside the 2 to 3 percent target band for more than two years now.

The Government itself has said low inflation is a factor in its failure to get back into surplus.

Labour MP Grant Robertson says it's time the Target Policy Agreement was looked at.

"I think overall monetary policy needs to be looked at to ensure that yes, we keep a lid on inflation, but we also look at the overall health of the economy in terms of jobs and in terms of regional wellbeing."