The expectation is inflation has been reined in

Stats NZ figures show petrol is 14.9 percent cheaper than a year ago, and food has only risen 1.2 percent.

Fruit and vegetables are 8.3 percent cheaper, and the price of kumara and onion are down a third.

ASB Economist Mark Smith says he's confident the inflation rate next week will fall to 2.2 percent.

He says the economy is now certainly weak enough and it's a good sign the Reserve Bank's cutting the Official Cash Rate.

Smith says they'll need to keep cutting further to make sure inflation settles at the two percent mark.