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.