Briefing notes

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Highlights:

  1. Consumer prices rose 3.7% in the 12 months to May, following a 3.3% increase in April. On a non-seasonally adjusted monthly basis, consumer prices rose 0.7%, after increasing 0.3% in April.

All-items Consumer Price Index (CPI):

  1. Energy prices advanced 16.6% during the 12 months to May, following a 17.1% increase in April. Gasoline prices rose 29.5%, the largest year-over-year increase since September 2005 when prices rose in the aftermath of Hurricane Katrina. The latest rise follows a 26.4% gain in April, and leaves the gasoline index just below the peak level reached in July 2008. Prices were also higher for fuel oil (+28.2%) and electricity (+0.9%), while they declined 5.3% for natural gas. Excluding gasoline, the CPI rose 2.4% in the 12 months to May, following a 2.2% rise in April.
  2. Prices for food purchased from stores rose 4.2% in the 12 months to May, after posting a 3.7% gain in April. Prices increased for many staples, such as meat, bread and fresh milk. Prices for food purchased from restaurants increased 3.2%, following a 2.8% rise in April.
  3. On a seasonally adjusted monthly basis, consumer prices rose 0.2% from April to May, after increasing 0.3% the month before. The food index rose 0.5% while the household operations, furnishings and equipment index increased 0.6%. The transportation index, which includes gasoline, advanced 0.2% following a 1.0% rise in April.

Main contributors to the 12-month change in the CPI:

Main upward contributors:

  1. Gasoline (+29.5%)
  2. Passenger vehicle insurance premiums (+5.0%)
  3. Food purchased from restaurants (+3.2%)
  4. Fuel oil and other fuels (+28.2%)
  5. Meat (+5.4%)

Main downward contributors:

  1. Mortgage interest cost (-1.9%)
  2. Natural gas (-5.3%)
  3. Furniture (-3.7%)
  4. Video equipment (-10.6%)
  5. Digital computing equipment and devices (-12.9%)

Main contributors to the monthly change in the CPI, not seasonally adjusted:

Main upward contributors:

  1. Gasoline (+2.0%)
  2. Passenger vehicle insurance premiums (+3.2%)
  3. Traveller accommodation (+8.3%)
  4. Fresh fruit (+6.9%)
  5. Purchase of passenger vehicles (+0.8%)

Main downward contributors:

  1. Electricity (-1.7%)
  2. Fuel oil and other fuels (-3.4%)
  3. Women's clothing (-1.2%)
  4. Fresh vegetables (-1.8%)
  5. Condiments, spices and vinegars (-1.6%)
Twelve month and monthly percentage change in the most quoted indexes, not seasonally adjusted