Federal Election 2022: Labor has not ruled out more hip-pocket help amid "cost of living crisis"

But opposition treasury spokesman Jim Chalmers continues to play down the possibility, repeating that it would be "difficult" for either party to extend the hip-pocket help after the May 21 election.

Cost of living has returned to centre stage in the election campaign after the latest consumer snapshot revealed inflation had surged 5.1 per cent - the highest level in more than 20 years.

Economists now expect the Reserve Bank to raise interest rates at next week's board meeting in an attempt to slow price rises.

The surging cost of food, fuel and housing has reignited debate over whether temporary cost of relief measures included in the Coalition's pre-election budget should be extended.

The government halved the fuel excise for six months and handed one-off $250 payments to welfare recipients as part of its cost of living package.

With Labor having committed to handing down a second budget for this calendar year if it win's next month's election, Mr Chalmers was pressed on whether Labor would offer cash handouts or extend the fuel excise.

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Mr Chalmers said an Albanese government would consider the economic situation at the time, leaving the door ajar for further help.

But he has tempered expectations.

"I have said publicly many times, including on the night of the budget, that this cost of living relief is important in the near term. [But] it will be difficult to extend it forever," he said.

"We can't fix every problem in one budget, [but] we will be more attentive to cost of living pressures than the government."

Mr Chalmers and Labor's early childhood education spokeswoman, Amanda Rishworth, on Thursday morning visited a childcare centre in the Liberal-held seat of Banks, in southern Sydney.

Labor has put cheaper childcare at the centre of its economic plan, which it unveiled in Canberra on Wednesday.