The Reserve Bank may have to make some unpopular decisions

Inflation remains higher than the central bank expected -- dropping from 4.7 percent in December to four-percent in March.

And non-tradable inflation -- on things like rents and rates that don't face foreign competition -- remains much higher than expected, dropping only slight from 5.9 percent to 5.8.

Former Finance Minister Steven Joyce says the Reserve Bank is going to have to keep the Official Cash Rate higher for longer, despite the toll it's taking on people around the country.

He says there's plenty of evidence of people, businesses and communities hurting, but no one is going to thank the Reserve Bank if it cuts prematurely, and inflation rises again.