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AAP

Politics

FED:Oil and milk prices to spill the tea on inflation story

Inflation Australian Bureau of Statistics Australia

Oil and dairy prices will shed light on Australia's inflation fight in a big week for domestic economic data.

Australian Bureau of Statistics figures are expected on Wednesday to show headline and underlying inflation edged up in May as the Middle East conflict continued to impact supply chains across the economy.

Importantly, it will reveal how quickly and widely the second-round impacts of higher oil, gas and fertiliser prices were being passed on by businesses.

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