There's no guarantee inflation is on the decline.

The Annual Consumer Price Index data, due out later this morning, will show how much prices have increased for the average household in the past 12 months.

While many economists expect the inflation rate to be lower than the 7.2 reached in the year to October, ASB is predicting the inflation rate will be even higher.

ASB Senior Economist Mark Smith says that there's lots of uncertainty in the figures.

He says their view is domestic, and inflation will remain more of a problem for the Reserve Bank.

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