RTTNews - Australia's inflation gauge dropped 0.3% month-on-month in May, after remaining unchanged in April, a report from the TD Securities and Melbourne Institute showed Monday.

Annually, the inflation gauge rose 1.5% in May, slower than the 2.1% rise in April. This was the slowest annual increase since the series began, and was much lower than the Reserve Bank of Australia's long term-term target range of 2% to 3%.

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