Inflation Increases To 2.9% In May 2012
Consumers paid 2.9% more in May 2012 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. The rate of inflation was up from the 2.5% recorded in April 2012.
Between April and May 2012, the average cost of goods and services in the Consumer Price Index rose 0.2%. The all-items index increased from 119.5 to 119.7 index points in May. This means that the basket of goods and services that cost $100.00 in April 2006 now cost $119.70.
The Food sector had the strongest impact on the twelve-month increase in the Consumer Price Index at 4.5%. Items such as frozen vegetables [+11.1 per cent], cooking oils & condiments [+9.7 per cent] and fresh fruits [+9.3 per cent] factored heavily in the increase.
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