CPI Up More Than Expected In May

by | Jun 27, 2024 | Australia, Prices

Annual headline inflation came in at +4% in May, up from +3.6% the month prior.

Annual inflation for Food and non-alcoholic beverages was +3.3% in May, down from 3.8% in April. The largest contributor to the increase in food prices was the Meals out and take away foods category, which rose 4.2% in the 12 months to May compared to 5.4% to April. 

Analysts described the reading as a “nasty surprise” for the Reserve Bank of Australia, putting off a future interest rate cuts, and potentially prompting a lift.