Consumer inflation stabilises within target range
By Sunita Menon - Jun 21st 2017, 10:37
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 increased 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.
Food prices rose 7%, and prices of food and nonalcoholic beverages were up 6.9% from a year earlier. This is slightly higher than in April, but well off last year's double-digit peaks.
KC economist Elize Kruger said last week: “May is historically a moderate food price month with a long-term average monthly growth rate of 0.5%.”
Month on month, CPI inflation was 0.3% in May.
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