J P M O R G A N Economic Research 24 June 2026 Australia: CPI tracking further below SoMP forecasts May's monthly CPI reading was below our sub-consensus forecast at -0.7%m/m (JPM: -0.5%m/m, consensus: -0.4%m/m), or 4.0%oya. Trimmed mean was a firm +0.4% on the month, though, with two of three months in hand, the implied %3m/3m rate on core is still sticking at 0.8%q/q and gradually decelerating, with measures of breadth also well-capped. This is lower than the %m/m core prints from late 2025, despite what ...

June 24, 2026 02:34 AM GMT Australia Macro+ | Asia Pacific M Update May CPI: Core Strength Key Takeaways Outlook and Implications: Overall, this print was softer at the headline level, but firmer beneath the surface. The fall in headline inflation was largely driven by lower fuel prices, while trimmed mean inflation rose and remains above the RBA's target band. Housing remains a key source of persistence, with electricity, construction costs and rents all contributing to the monthly core increase. More impo ...

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