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 ...