Inflation might be low but the Green Party's predicting the housing market will prevent the Reserve Bank from cutting interest rates.

Official figures out today show inflation fell by point three of a percent in the March quarter.

It's the first time there have been two consecutive quarterly inflation falls in 16 years.

Green Party Co-Leader Russel Norman says even though inflation's now well below the Reserve Bank's target band he doesn't expect to see a cut in the Official Cash Rate.

He blames that on the Auckland housing crisis, saying the Bank can't cut interest rates for fear of fuelling more house price inflation.