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Inflation eases back more than expected in May, trimmed mean at lowest since 2021
Inflation eased further last month, with consumer prices rising 2.1 per cent over the year to May, down from 2.4 per cent the previous month.
According to the Australian Bureau of Statistics, the monthly Consumer Price Index was at its lowest level since October 2024.
The annual trimmed mean, a measure of underlying inflation, was down to 2.4 per cent in May, from 2.8 per cent in April, which the ABS said was its lowest rate since November 2021.
Ahead of the data release, market pricing put the chance of an interest rate cut in July around 81 per cent, according to LSEG.
The Reserve Bank next meets to consider interest rates in just under a fortnight's time.
