FX.co ★ Australia Inflation At 13-Month Low

Australia's consumer price inflation slowed more-than-expected to a 13-month low in May, data from the Australian Bureau of Statistics showed on Wednesday.

Consumer prices grew 5.6 percent from a year ago, slower than the 6.8 percent increase in April. This was the slowest growth since last April, when prices gained 5.5 percent. Also, the rate was weaker than economists' forecast of 6.1 percent.

"When excluding these volatile items, the decline in inflation is more modest," ABS head of prices statistics Michelle Marquardt said.

Excluding volatile items and holiday travel, inflation eased slightly to 6.4 percent in May from 6.5 percent in April, data showed.

Annual trimmed mean inflation came in at 6.1 percent, down from 6.7 percent in April. The most significant contributors to the increase were housing, food and non-alcoholic beverages, furniture, household equipment and services. Cost of housing climbed 8.4 percent and food and non-alcoholic beverages prices increased 7.9 percent.

Offsetting these increases, automotive fuel prices declined 8.0 percent in May, reversing a 9.5 percent rise in April.