An expectation the official cash rate will be held steady as inflation is higher than expected

Inflation's clocked in at 3.1 percent which means its snuck outside of the Reserve Bank's target band.

ANZ Chief Economist Sharon Zollner says there's now quite wide agreement that the OCR will be held at 2.25 to prevent further inflation.

She says more extreme measures could be needed.

Zollner says it's more likely than not that the Official Cash Rate will be hiked sometime this year.