An economist says digging into today's inflation figures will reveal the real picture.

Stats NZ is releasing Consumers Price Index figures later this morning, comparing prices between April and June against the same period last year.

Economists expect it surge to somewhere around 4%.

Independent Economist Cameron Bagrie told Ryan Bridge he's more interested in core inflation, which strips out food and energy.

He says it's been stubbornly stuck on 2.5% and the Reserve Bank will want that lower. 

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