A welcome decline in inflation for the Australian economy and mortgage holders!
Inflation has come in lower than expected and sunk back to 5.6 per cent in May from 6.8 per cent in April, prompting some to speculate that the Reserve Bank of Australia (RBA) may pause its interest rate hikes.
Markets were expecting the monthly Consumer Price Index to moderate to 6.1 per cent over the month after a larger-than-anticipated increase in April.
“This month’s annual increase of 5.6 per cent is the smallest increase since April last year,” Australian Bureau of Statistics head of prices statistics Michelle Marquardt said on Wednesday.
For more information on WA specific inflation please see link – https://www.watc.wa.gov.au/media/z1tnprso/cpi-may-2023.pdf
Source: Link.
