Australia’s monthly CPI inflation ticks up to 4.0% YoY in May vs. 3.8% expected

Australia’s monthly Consumer Price Index (CPI) jumped by 4.0% in the year to May after recording a 3.6% increase in April, according to the data published by the Australian Bureau of Statistics (ABS) on Wednesday.

The market forecast was for a 3.8% growth in the reported period.

Market reaction

The AUD/USD pair picks up fresh bids on the data release, adding 0.26% on the day to trade near 0.6660, as of writing.