Interest rates remain on hold this morning, despite a wave of recent economic data signalling inflation concerns are back on the Reserve Bank's radar.

The benchmark rate remains at 6.25 per cent but analysts and the market are backing an upward movement in interest rates when the RBA board meets next month.

Retail and building approval figures from this week indicate the three interest rate rises have done little to dampen consumer sentiment.

Retail sales grew by a seasonally adjusted 0.9 per cent in February, surpassing the 0.4 per cent economists had expected.

Building approvals also surged 10.6 per cent - economists had expected growth of just one per cent.

Also this week, the TD Securities-Melbourne Institute monthly inflation gauge showed consumer prices rose 0.5 per cent in March to be 3.5 per cent higher than a year earlier, but the RBA will be more concerned with its own inflation measure and key first quarter consumer price index data released later this month.