Inflation has unexpectedly slowed to 4 per cent in the 12 months to May – still higher than the Reserve Bank of Australia’s target but its lowest level in three months.

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.

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