Inflation stays in Bank’s target range
Food inflation ticked up, but is well off last year's peaks, while fuel prices exerted upward pressure on the CPI
Consumer inflation remained within the Reserve Bank’s 3%-6% target range in May, with the consumer price index (CPI) ticking up to 5.4%, from 5.3% in April. The CPI measures changes in the price of consumer goods and services purchased by households in urban areas. The contribution of food and nonalcoholic beverages to inflation increased from 1.1 percentage points in April, to 1.2 percentage points in May, while transport rose from 0.7 percentage points in April, to 0.8 percentage points in May. The transport index rose 5.2% from a year earlier, but within that, fuel prices were up 8% from a year earlier.
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