An independent economist suggests moving the financial goalposts may help get inflation back on track.

The current inflation target is between 1 and 3 percent, but the target band had moved from 0 percent to 2 percent to 0 percent to 3 percent once before in 1996.

Independent economist Cameron Bagrie says the debate about shifting the inflation target is likely to be raised as the economic and social costs of taming inflation become more pronounced.

"The real pain variable around the corner is not falling house prices, it's what's happened to unemployment. And as unemployment moves up, that has both economic and social consequences. And I wonder about whether we are prepared to go through that economic adjustment."

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