FX.co ★ Australia’s MI Inflation Gauge Slips Further Into Negative Territory in June

Australia’s inflation momentum weakened in June as the Melbourne Institute (MI) Inflation Gauge fell further into negative territory on a month‑over‑month basis. The indicator declined by 0.4% in June 2026, following a 0.3% drop in May 2026, according to data updated on 6 July 2026.

The MI Inflation Gauge measures the monthly change in consumer prices, and the latest reading underscores a second consecutive month of price declines. On a month‑over‑month comparison, June’s result signals that price pressures eased more sharply than in the previous month, with the “actual” figure reflecting the June change versus May, and the “previous” figure capturing May’s movement compared with April.