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Higher rents, health costs and petrol prices have pushed up an unofficial measure of inflation.

The TD Securities-Melbourne Institute Monthly Inflation Gauge rose by 0.5 per cent in April, boosting underlying inflation to 4.3 per cent.

That is well above the Reserve Bank's comfort zone.

TD Securities senior strategist Josh Williamson says the central bank will be concerned that inflation is accelerating, while the economy is starting to slow down.

"Some of that is due to global factors, like globally high food and petrol prices and there's not a lot the Reserve Bank can do about that," he said.

"But what they can do is try to actually dampen inflation pressures that are being generated within Australia.

"I think they will be concerned though, the fact that the economy is slowing should start to impact inflation soon, but for the time being it could be a close call on rates."

Mr Williamson says higher health costs, rents and petrol prices have contributed to the increase.

"It's a mixture of the same old suspects, but what we're also seeing is a broadening in inflationary pressures," he said.

"The inflation gauge is also telling us that those higher costs are now filtering down through the economy and impacting on other goods and services."

The Reserve Bank board meets in Sydney tomorrow.