Consumer Price Index: Inflation Increased 0.2%
Consumers paid 2.1 percent more in May 2014 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation increased 0.2 percentage points from the 1.9 percent measured in April 2014.
Between April 2014 and May 2014, the average cost of goods and services in the Consumer Price Index increased 0.3 percent. The all-items index increased to 124.2 index points in May. This means that the basket of goods and services that cost $100.00 in April 2006 now cost $124.20.
The Health and Personal Care sector remained the largest contributor to the 12 month rate of price increase. The annual increase to May 2014 measured 5.9 percent, led by increased costs for health insurance premiums.
The Food and Transport and Vehicle sectors also impacted strongly on the annual rate of inflation. Price shifts in these two sectors stood at 2.8 percent, respectively.
The full May 2014 Consumer Price Index follows below [PDF here]:
