PRIME Minister Kevin Rudd says record low interest rates will obviously rise again.

Mr Rudd's comment follows the release of the Australian Bureau of Statistics' latest data that Australia's headline consumer price index rose 0.5 per cent in the December quarter, for an annual rate of 2.1 per cent.

This will impact the Reserve Bank of Australia's February 2 board meeting - at which most economists are forecasting a fourth consecutive upward movement.

Mr Rudd said the government had warned the banks not to put up interest rates ahead of any RBA decision.

"The treasurer is absolutely right in putting a shot right across the bow of the banks in terms of taking unnecessary gouges in terms of putting up interest rates," Mr Rudd said.

Interest rates had dropped in the wake of the global financial crisis, but the government's stimulus strategy had helped keep the economy going, he said.

"Australia was the only advanced economy in 2009 not to go into recession," he said.

"We're the only advanced economy to have grown in 2008-09 (and) the second lowest unemployment.

"That's come of the back of strong action by ourselves through our national stimulus strategy, school modernisation plan and through the banks, to bring down interest rates as radically and quickly as they did.

"But obviously there's going to be upward adjustment."