Economists are expecting figures out on Thursday will show inflation has slowed further as the economic downturn reduces pressure on prices.
The market is picking that the Consumer Price Index for the three months to June will show a rate of of 0.5% for the quarter, and 1.8% for the year, well inside the Reserve Bank's target band for inflation of 1% to 3%.
ANZ Bank chief economist Cameron Bagrie says petrol price rises will dominate the quarter, but the Reserve Bank is more concerned with growth than inflation pressures.
He says the aggregate inflation picture is very subdued due to the weak economy.
