Consumer Price Index: Inflation Dropped 0.6%

July 9, 2015

Consumers paid 1.2 per cent more in May 2015 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].

The CPI report from the Department of Statistics said, “The level of inflation dropped 0.6 percentage points from the 1.8 per cent measured in April 2015. Between April 2015 and May 2015, the average cost of goods and services in the Consumer Price Index fell 0.2 per cent.

“The all-items index dropped to 99.8 index points in May. This means that the basket of goods and services that cost $100.00 in April 2015 now cost $99.80.

“The Health & Personal Care sector was the largest contributor to the year-over-year increase in the consumer price index, rising 8.5 per cent. The major drivers in this sector are the cost of health insurance, medical care and medicines.

“In contrast, the Fuel and Power sector had a strong downward impact on the year-over-year percentage change to the consumer price index. This sector fell 10.7 per cent between May 2014 and May 2015.”

The full May 2015 Consumer Price Index is below [PDF here]:

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Category: All, Business