Regardless of whether the data matches our anecdotal experiences, it is going to be closely watched by the Reserve Bank and will be a crucial part of the puzzle with regards to when it starts to lift the official cash rate.
This week the Reserve Bank left the OCR on hold but it called time on its programme of bond buying (sometimes called money printing).
This was interpreted by markets as a precursor to a rate hike.
Economists now think the OCR will rise in August if the data suggests the economy is still running hot.
And that is where today's Consumer Price Index (CPI) comes in.
Where the CPI inflation number lands is key to the outlook for the economy because if it rises above the Reserve Bank's target band of 1-3 per cent then it will add weight to that argument.
The Consumer Price Index (CPI) is a measure that pulls together a weighted average of prices for a basket of consumer goods and services, such as transportation, food and medical care.
It doesn't include house price inflation - which for the past few years has run far hotter than most goods and services - but it does include building costs and rental costs.
The market has pencilled in 2.7 per cent for annual CPI inflation today but others think it could go higher.
Kiwibank chief economist Jarrod Kerr is picking it will hit 3 per cent.
"Global supply-chain disruptions, caused by the pandemic, have led to rising shipping costs and firms are reporting considerable delays in sourcing materials," he wrote this week.
Meanwhile global demand was recovering with commodity prices powering ahead.
Global oil prices especially have been on the rise, recently hitting a six-year high, he said.
"The June quarter will see petrol prices caught up in the uptrend. And a rise in petrol prices will be sharp turnaround from the 12 per cent drop we saw last June quarter".
And while house prices aren't included, the red-hot market is likely to have put upward pressure on housing related areas like rental and building costs.
