The next reading of inflation is expected to be one of the lowest in three years, after the price of oil more than halved in the past six months.
The consumer price index (CPI), the key measure of inflation, is forecast to have risen by 0.2 per cent in the December quarter, according to an AAP survey of 15 economists.
That would deliver an annual inflation rate of 1.8 per cent, which would be the first time inflation has been below the Reserve Bank's target bank of between two and three per cent since mid-2012.
It would also be the third lowest reading after 1.2 per cent the June quarter of 2012, and 1.6 per cent in the March quarter of that year.
Oil prices have plummeted to five-year lows, mainly because of increased supply, and that has pushed petrol prices under $1-a-litre in some areas, from around $1.30 in early December.
HSBC chief economist Paul Bloxham doesn't expect the RBA to cut the cash rate in response to a weak inflation result, which will be published on Wednesday, mainly be because it was almost entirely dragged down by petrol prices.
"Headline CPI inflation is expected to be low; however, as always, the RBA is expected to focus on the underlying measures to gauge the pulse of inflation," he said.
"We now expect the RBA to be on hold for 2015, with rates rising in 2016."
The median forecast for underlying inflation, which excludes volatile price movements such as the petrol price plunge, is 0.5 per cent for the December quarter, and 2.2 per cent over the year to December.
AMP chief economist Shane Oliver said a weak underlying figure would make the an interest rate cut possible.
"Whether it will be enough remains to be seen," he said.
"The Reserve Bank would dismiss to some degree the weakness in headline inflation to the fall in oil price, but the fall in underlying inflation to the low end or the target range is going to be a bit harder to ignore."
Dr Oliver predicts two rate cuts in 2015, and said the fall in underlying inflation was due to weakness in clothing, housing and other prices.
"The weakness we're going to see is fairly broad based," he said.
Mr Bloxham said lower petrol prices are likely to provide a boost for the economy, as they give consumers more cash to spend.
"We see the lower oil price as a net upside risk for growth," he said.
EXPECTATIONS FOR DECEMBER QTR INFLATION:
* Headline inflation of 0.2 pct for an annual rate of 1.8 pct
* Economist forecasts ranged from -0.1 pct to 0.4 pct
* Underlying inflation of 0.5 pct, for an annual rate of 2.2 pct
* Underlying forecasts ranged from 0.3 pct to 0.6 pct
Source: AAP survey of 15 economists
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