Economists are predicting a rise in the Consumers Price Index (CPI) of between 0.5% and 0.7% for the March quarter.
BNZ predicts a 0.6% rise for the three months to March will be revealed when the index is published on Tuesday, taking the annual rate to 2.3%.
Senior economist Craig Ebert says underlying inflationary pressures remain modest despite the anticipated rise.
Headline CPI figures are affected each quarter by factors such as food price fluctuations, he says, but slack in the economy - including the labour market, the high exchange rate, and firms reducing inventory levels - are subduing underlying inflation.
Mr Ebert says a rise above the Reserve Bank's forecast of 0.3% could increase perceptions the central bank is being surprised by inflation, whether valid or not.
ASB economists are predicting a 0.5% rise for the quarter based on increased food, petrol and housing costs.
Westpac is forecasting a 0.7% lift. It, too, says its bullish prediction reflects quarterly volatility, rather than an increase in inflation across the board.
Earlier this month economists were picking a 0.6% quarterly CPI rise, with the annual figure rising 2.2%.
