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Inflation is tipped to be the main topic of discussion when Prime Minister Kevin Rudd and Treasurer Wayne Swan meet Reserve Bank officials today.

Mr Rudd and his Government have put tackling inflation as one of the key priorities of the new year.

Federal efforts to cut spending are likely to be one of the main topics of today's talks.

The Department of Foreign Affairs and Trade (DFAT) is slashing its budget by $57 million, with a number of overseas diplomats to be recalled and programs to promote Australian culture overseas being cut to fund the savings.

The Federal Government says it does not believe the changes will affect its foreign policy priorities.

Mr Rudd says the talks will look at the challenges posed by higher inflation and will help shape the Federal Government's future economic policy. read more