The Australian Bureau of Statistics will release the December quarter consumer price index on Tuesday.
Economists' forecasts point to a one per cent increase in the quarterly CPI that would take the annual rate to 3.1 per cent, up from three per cent as of the September quarter.
The more interest-rate sensitive underlying measure of inflation - which smooths out sharp price swings - is forecast to rise 0.7 per cent in the quarter, taking the annual rate to 2.4 per cent.
This compares with 2.1 per cent as of the September quarter, which was the first time it had been within the target since 2015.
Such a result would be stronger than the 2.25 per cent the RBA had been expecting at this stage, with a level of 2.5 per cent not predicted until mid-2023.
The report comes just days after figures last week showed the unemployment rate unexpectedly dropping to 4.2 per cent - again a faster decline than the RBA had expected in its most recent forecasts made in November.
However, a rapid expansion in wages growth remains the missing link the RBA wants to see before it would consider lifting the cash rate, which has been at a record low 0.1 per cent since November 2020.
The RBA will hold its first board meeting of the year on February 1.
Economists will be looking for RBA governor Philip Lowe's take on the impact of the highly infectious Omicron variant on the economy.
The coronavirus strain has already had an impact on consumer confidence, which in turn is putting the brakes on household spending.
The weekly ANZ-Roy Morgan consumer confidence index is also due on Tuesday.
Last week it recorded a 7.6 per cent plunge, the weakest January result since 1992.
National Australia Bank will issue its monthly business survey.
