Two subgroups ME(G) and MI(G) of the Schur multiplier M(G) of a finite group G are introduced: ME(G) contains those cohomology classes [α] of M(G) for which every element of G is α-regular, and MI(G) consists of those cohomology classes of M(G) which contain a G-invariant cocycle. It is then shown that under suitable circumstances, such as when G has odd order, that each element of MI(G) can be expressed as the product of an element of ME(G) and an element of the image of the inflation homomorphism from M(G/G′) into M(G).