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

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.

Underlying inflation allows economists to look beneath the daily noise of random price movements to see what the economy's broader inflationary pressures are looking like.