A second consecutive rise in the Reserve Bank's (RBNZ) benchmark interest rate this afternoon looks a foregone conclusion as falls in oil prices lift hopes that inflation has peaked, and economic recovery is about to resume.

Economists and financial markets are almost unanimous in picking the Monetary Policy Committee (MPC) will raise the official cash rate (OCR) after July's first step on the tightening path.

Westpac chief economist Kelly Eckhold said there had not been that much difference between what has happened to the economy and what the RBNZ was expecting back in its May forecasts.

"It's possible the RBNZ's view won't have shifted that much. We tend to think there won't be much of a shift in the RBNZ's OCR forecasts given the significant uncertainties at present."

ANZ chief economist Sharon Zollner said recent inflation indicators had been more benign than expected, while other data - such as growth, job creation, business and consumer confidence - suggested the economy might not be as weak as expected.

She said taken all together it pointed to getting the OCR back to a neutral level in an orderly fashion.

"It makes sense for the RBNZ to continue along the path of getting the OCR back closer to neutral (3 percent) in the face of upside risks to inflation and a starting point north of the (1-3 percent) target band."

What next ?

The closest scrutiny will be on the indicative track for the OCR, with financial markets split between October and December.

Some have questioned whether the RBNZ would want to raise in October, just a couple weeks before the election, or wait until its final meeting in early December, or perhaps raise in both meetings.

"In a world of such extreme uncertainty, flexibility is very valuable. An OCR track that leaves optionality regarding the October meeting seems sensible."

The MPC's rate track in May implied the OCR being raised to at least 3.25 percent by the middle of next year, and there are some forecasters who see the OCR needing to be raised towards 4 percent as the economy grows.

Dissenter - growth is beautiful

The loudest dissenting voice remained Kiwibank chief economist Jarrod Kerr, who has been vocally calling on the RBNZ all year to back off rate rises to let the economy get off its knees and grow.

"Growth solves many problems, and enabling growth is a bold, but beautiful move.

"Inflation is not a big problem... There's no need to hike rates aggressively to restrain what is already restrained."

A member of the Institute of Economic Research's (NZIER) "shadow monetary policy board", Kelly Gupwell of environmental company Boffa Miskell, was inclined to Kerr's view.

"Inflation remains a concern; however, the recovery still feels uneven and the effects of previous rate increases are continuing to work through the economy."

"I'd like to see stronger evidence that inflation pressures are becoming embedded before supporting another increase."