An expectation inflation won't rise any higher and interest rates won't fall any lower

NZIER's latest Quarterly Survey of Business Opinion - a key metric monitored by the Reserve Bank - shows more businesses have been raising prices in the past three months.

But the think tank expects the OCR to trough at the current 2.25 percent.

Deputy Chief Executive Christina Leung says inflationary pressures are easing, with fewer businesses seeing their costs rise.

She says overall, they see inflation now being contained in the New Zealand economy.