Inflation slows in May, with consumer prices up 3.3% from a year ago
What was the consumer price index (CPI) change for May, and how did it compare to the same period last year?
The consumer price index (CPI) for May held flat on a monthly basis, meaning there was no increase or decrease compared to the previous month. However, when compared to the same period last year, the CPI increased by 3.3%. This annual increase is lower than market expectations, which were at 3.4%.
How did the core CPI, which excludes food and energy prices, change in May, and how does this compare to market expectations?
In May, the core CPI, which excludes food and energy prices, increased by 0.2% on the month and 3.4% from a year ago. This was slightly below market expectations, as economists had been looking for a 0.3% monthly gain and a 3.5% annual rate.
How have motor vehicle insurance prices changed on a monthly and annual basis, and what role do they play in overall inflation?
Motor vehicle insurance prices have shown a slight decline on a monthly basis, with a 0.1% decrease. However, on an annual basis, they have risen by more than 20%. Motor vehicle insurance plays a role in overall inflation, but it is not the sole factor. In the context of the Consumer Price Index (CPI), energy and food costs also contribute to inflation. In the most recent report, a 2% drop in the energy index and a 0.1% increase in food prices were observed. While motor vehicle insurance prices have a significant annual increase, the monthly decline indicates that their contribution to overall inflation can vary.