| Consensus | Consensus Range | Actual | Previous | |
| Month over Month | 0.1% | 1.0% | ||
| Year over Year | 2.7% | 2.4% to 2.9% | 2.4% | 2.2% |
| HICP - M/M | 0.1% | 1.2% | ||
| HICP - Y/Y | 2.8% | 2.5% |
Highlights
Consumer prices are seen increasing 0.1 percent in May, a marked slowdown from the 1.0 percent recorded in April, while increasing 2.4 percent compared to a year ago. The latter result is below the expectations in an Econoday survey for 2.7 percent gain.
Energy prices were by far the biggest contributor, up 16.8 percent in May year-on-year after a 14.3 percent gain in April. Food prices are 1.2 percent higher, matching the rate of the previous month, led by a 4.1 percent increase in fresh food.
The Harmonized Index of Consumer Prices is expected to also show a 0.1 percent month-on-month gain and a 2.8 percent year-on-year increase. In April, prices were 1.2 percent higher on a monthly basis and 2.5 percent higher year-on-year.
While prices have slowed on a monthly basis, the fact is that the annual gains are now in a territory that will begin to make policy makers nervous.
Market Consensus Before Announcement
May CPI expected up 2.7 percent on year, up from 2.2 percent in April as the energy shock continues.