SYDNEY, June 26 (Reuters) - The annual pace of Australian consumer price inflation accelerated to a six-month high in May, while a key core measure rose for the fourth straight month leading markets to narrow the odds on another rate hike.
Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose at an annual pace of 4.0% in May, up from 3.6% in April and well above market forecasts of 3.8%. The CPI dipped 0.1% in May from April, but that compared to a 0.4% fall in the same month last year.
A closely watched measure of core inflation, the trimmed mean, climbed to an annual 4.4%, from 4.1%. The CPI excluding volatile items and holiday travel dipped to 4.0%, from 4.1%. (Reporting by Wayne Cole; Editing by Muralikumar Anantharaman)
