Australia CPI Slips to 4.0% YoY in May, Below Forecasts

Australia's Consumer Price Index (CPI) rose 4.0% year-over-year in May, according to data from the Australian Bureau of Statistics (ABS). This came in below the market expectation of 4.4% and also decelerated from the previous month's 4.2% reading.

The softer inflation print may reduce the urgency for the Reserve Bank of Australia to tighten policy further, potentially weighing on the Australian dollar in the near term.