ABS data show Australia’s May CPI fell 0.7% MoM and slowed to 4.0% YoY from 4.2% (market had expected -0.4% MoM, 4.3% YoY). Declines in fuel costs and holiday travel demand pressured the headline print. Excluding volatile items, core inflation rose 0.4% MoM (vs 0.3% expected), lifting the annual core rate to 3.6%. The RBA has raised rates three times this year; with core inflation above the 2–3% target range, further tightening cannot be ruled out.

On June 23 in Islamabad, Pakistani Prime Minister Shehbaz Sharif said after talks with Iranian President Pezeshkian that Pakistan and Iran will build an "iron wall" to jointly resist any forces attempting to undermine regional peace and are determined to thwart efforts to derail the peace process. Sharif called the talks productive and friendly, welcomed last week’s US‑Iran memorandum of understanding, and said he will visit Tehran next week.

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