This century there have been six main occasions when inflation exceeded the Reserve Bank of Australia's target, with oil price shocks a primary driver for each.

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.

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

Australia's trimmed-mean inflation rose to 3.6% in May 2026, above the RBA's 2-3% target, reinforcing hawkish rate expectations at the 4.35% cash rate.

While the headline consumer price index fell to 4 per cent in May, the Reserve Bank’s preferred underlying core measure ticked up from 3.4 to 3.6 per cent.

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.

This century there have been six main occasions when inflation exceeded the Reserve Bank of Australia's target, with oil price shocks a primary driver for each.