The household debt load remains "very high" and is one factor restraining the pace of the economic recovery in New Zealand, the Reserve Bank noted in its quarterly statement on monetary policy published this morning.As expected, the RBNZ left the cash rate steady at 2.50 per cent. It said that "a gradual increase" in the cash rate will be needed over the next two years to offset a project rise in the core rate of inflation "such that CPI inflation tracks close to the midpoint of the target band over the latter part of the projection."In the statement the RBNZ said that it expected households to continue to focus on reducing debt.It said that while households "undertake a period of consolidation ... consumption growth is likely to be modest, both relative to recent history and when compared to the projected increase in real labour incomes."This adjustment in household behaviour, the RBNZ said, "is needed to see household debt stabilise, but whether it eventuates remains uncertain."