Australia will publish its May consumer-price data on Wednesday.
Economists expect a 0.1% monthly decline in the headline consumer price index, but the majority of attention will be on the extent to which elevated oil prices are affecting underlying inflation.
ANZ's economists forecast a 0.3% monthly rise in trimmed mean inflation as businesses pass on higher input costs, lifting annual underlying inflation to 3.5%. However, they acknowledge that risks are skewed to the upside, with food, housing and alcohol prices all expected to have risen.
The Reserve Bank of Australia lifted interest rates three times this year in an effort to tame underlying inflation, but paused this month to judge whether it needs to do more.
Australian jobs data for May will be released Thursday, another key piece of the puzzle for the RBA as it mulls its next move.
