Sign of inflation progress? Inflation Gauge slows to 3.1% in year to May

Summary: Melbourne Institute Inflation Gauge index up 0.3% in May; up 3.1% on annual basis; Westpac: could be sign of better inflation progress in May, too early to draw conclusions; ACGB yields fall; rate-cut expectations firm. The Melbourne Institute’s Inflation Gauge is an attempt to replicate the ABS consumer price index (CPI) on a monthly basis. It has turned out to be a reliable leading indicator of the CPI, although...

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