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.
One item to watch will be milk.
Perishable goods tend to be first to record price increases and the prices of home-brand milk increased in very late April, said ANZ economists Madeline Dunk and Adam Boyton.
"We expect prices to have been a little higher than usual in some of the fresh food expenditure classes, such as milk, fruits and vegetables," the duo said in a research note.
