The Melbourne Institute (MI) released its monthly inflation data for Australia on Monday. MI Inflation gauge for Australia declined 0.2% in May, after a 0.1% rise in April.

On a yearly basis, inflation gauge climbed 1.0% in May, after a 1.5% increase in April.

Prices for fruit and vegetables slid 4.1% in May, nondurable household products prices declined 2.2%, while prices for holiday travel and accommodation fell 1.0%.