Breaking News
Breaking: Underlying inflation hits highest level since 2024
Key Points
Headline inflation declines in May, but underlying inflation hits highest level since 2024 By business reporter Gareth Hutchens Wed 24 Jun 2026 at 11:51am Headline inflation decelerated in May, with consumer prices increasing at an annual pace of 4 per cent, down from 4.2 per cent in April. But trimmed mean inflation, the Reserve Bank's preferred measure of underlying inflation, increased to 3.6 per cent, up from 3.4 per cent in April.
Headline inflation declines in May, but underlying inflation hits highest level since 2024
By business reporter Gareth Hutchens
Wed 24 Jun 2026 at 11:51am
Headline inflation decelerated in May, with consumer prices increasing at an annual pace of 4 per cent, down from 4.2 per cent in April.
But trimmed mean inflation, the Reserve Bank's preferred measure of underlying inflation, increased to 3.6 per cent, up from 3.4 per cent in April.
Underlying inflation is now running at its highest annual pace since the September quarter of 2024.
The RBA has warned that inflation will trend higher in coming months, as the fallout from the global energy shock works its way through Australia's fuel prices and supply chains.
[Image text:] 8GAS
10
FIVE DOLLARS
GROCELIES
roens
oRus.
o MEDICInOS-y
oN