Inflation fell to 4 per cent in May. However, there are signs that underlying price pressures remain a problem for the economy.

Jim Chalmers said the costs and consequences of the war in the Middle East "will be felt for some time".

Australia's CPI fell 0.7% in May as annual inflation eased to 4.0% from 4.2%. Here's what the data means for RBA policy and crypto markets.