Lower interest rates still look like a distant prospect in the eyes of our largest bank

ANZ's expecting this morning's inflation figures to show annual inflation dropping to four percent - calling a quarterly rise of 0.6 percent.

Inflation in last year's final quarter was 4.7 percent.

ANZ Economist Henry Russell says they also think interest rate cuts won't come until 2025.

He says inflation is still double the target band, despite the falls expected today, and a lot of those falls have come from factors outside the Reserve Bank's control.