Australia’s Melbourne Institute Monthly Inflation Gauge declined by 0.4% month-on-month in June 2026, following a 0.3% fall in May and marking a second consecutive monthly decrease. It was also the third monthly decline this year, indicating easing price pressures across a wide range of goods and services. Recent data showed that annual inflation slowed to 4.0% in May from 4.2% in April, as automotive fuel prices rose at a slower pace after the reduction in the fuel excise. Despite this moderation, inflation remained well above the central bank’s 2–3% target range, and underlying price pressures are expected to strengthen in the June quarter.