Consumer prices increased 0.49% from the previous month in May, picking up from April’s 0.96% rise. Looking at the details of the release, prices for food and housing rose at a slower pace.
Inflation came in at 9.5% in May, which was down from April’s 9.6%. April’s reading which had marked the highest inflation rate since May 2021. Meanwhile, the trend was unchanged, with annual average inflation came in at 8.6% in May (April: 8.7%).
FocusEconomics panelists project inflation to end 2022 at 8.0%, which is down 0.3 percentage points from last month’s forecast, and 2023 at 6.1%.