Australia's inflation expectations increase in May

Expectations about Australian inflation among local customers increased marginally in May as the Reserve Bank of Australia cut its benchmark interest rate by 0.25% to a record low of 2.75% on May 7, a report published by the Melbourne Institute showed on Thursday. The forecast inflation rate rose from 2.2% in April to a level of 2.3% in May, however, it is still within the central bank's target between 2% to 3%.