Next OCR increased pushed further into the future

However, that's no guarantee retail rates, such as mortgage rates, won't rise soon, particularly if European woes worsen.

Financial markets have even priced in a chance of a rate cut - the week before last, the wholesale market had priced in a better than 100% chance of a cut but by Friday had pulled this back to a 35% cut in April or June.

While none agree a cut is likely, economists are continuing to push out further their expectations of when Bollard will start raising his official cash rate (OCR) from its current 2.5% record low.

A couple, including ASB Bank's Christina Leung, don't expect the OCR will rise until December next year but another two of the 12 economists MortgageRates surveyed still expect a rise in March.