A watch and wait approach looks to be the safest move after the latest inflation figures

New ASB data shows a general tick up in inflationary pressures, but general cooling remains trending downwards.

It comes after food price inflation hits the lowest its been since May 2021, but was offset by rises across all other categories.

ASB senior economist Kim Mundy says there;s still a lot of uncertainty, and it will take a bit more time for inflation to fall back into their target.

She says as long as things continue to trend downwards, even if there's a tapering off, it's still consistent with their monetary policies, and inflation is cooling.