Inflation may be rising, but the Reserve Bank's not expected to increase interest rates to counter it

The central bank's making an Official Cash Rate and Monetary Policy Statement at 2pm.

Westpac chief economist, Dominick Stephens, says there's a bit of inflation at the moment but that's mainly due to goods stuck at the wharf.

He says it'll be a short term spike and thinks the Reserve Bank will agree that inflation's likely to drop over the next two years.