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Inflation up 1.8 per cent over year to May 2012

Consumer price index was unchanged between April and May but shows increases in education, transport, food and services over 12 months.

Image: Iowa State University Office of Admissions via Creative Commons

CONSUMER PRICES WERE an average of 1.8 per cent higher in May compared to last year, according to the latest figures from the Central Statistics Office.

The annual rate of inflation for services and goods was 2.2 per cent and 1.3 per cent respectively in the year to May.

The consumer price index did not change between April and May 2012, but there were some notable price increases over the year from May 2011 to May 2012, including a 9.4 per cent increase in education, a 5 per cent increase for transport, and alcoholic beverages and tobacco went up 4.2 per cent. Miscellaneous goods and services rose by 4.1 per cent.

Clothing and footwear prices were up 0.7 per cent in the year to May, and housing, water, electricity, gas and other fuel costs rose by 2.3 per cent over the same period.

The highest price increase for a food product was recorded for sugar, which rose by 34.1 per cent over the 12 months to May 2012. Overall, food and non-alcoholic beverage prices were up 0.7 per cent over the year.

Meanwhile, prices for furnishings, household equipment and routine household maintenance fell by 2.7 per cent between May of last year and May 2012. Recreation and culture costs fell by 1.7 per cent and communications by 0.9 per cent.

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