Consumer prices rose 1.31% in May over the previous month, accelerating from the 0.54% increase logged in April. Looking at the details of the release, transport prices skyrocketed in the month, likely linked to higher prices for oil amid the fallout of the Ukraine war. Furthermore, food prices also rose notably.
Inflation rose to 5.8% in May, following April’s 4.6%. May’s reading marked the highest inflation rate since December 2011. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 3.7% in May (April: 3.6%).
FocusEconomics panelists see inflation ending 2022 at 4.0%. For 2022, our panelists expect inflation to end the year at 3.9%.