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.

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