Economists at our biggest bank expect the Reserve Bank will increase the Official Cash Rate.

ANZ's changed its forecast, now predicting 25 basis point hikes in February and in April.

That would take the OCR to 6 percent- from its current 5.5.

ANZ chief economist Sharon Zollner says the Reserve Bank said it was very close to hiking it again in November.

"Since then, they've had a series of small, but very consistent surprises that do suggest that inflation's just going to take a bit longer to get back to target."

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