Report Summary

Period covered: May 2022

Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Subscribe to access this data or take out a free 30 day subscription trial now.

The headline inflation rate edged higher in May to 00% YoY (9.0% last month) remaining at a 40-year high - in line with economists forecasts. On a MoM basis, inflation rose by 00%.

Food made the largest upward contribution to the change in the CPI rate with inflation accelerating by 00% YoY – the sharpest rise since April 2009. Upward contributions came from five of the 11 sub-components, notably the Breads and Cereals, and Meat categories.

A recent survey from the ONS showed that 00% of adults reported the price of their food shop had increased over the last month.

Surging food prices is changing consumer behaviour according to Asda Chairman Sir Stuart Rose. He noted that Asda shoppers were “trading back” and setting themselves spending limits to try and manage their household budgets. This follows similar comments from the Tesco chief last week with Tesco shoppers said to be switching to cheaper alternatives and buying less.

Transport inflation was driven higher by further rises in motor fuel prices in May. Petrol prices stood at 00 pence per litre (ppl) from 127.2 ppl a year ago – a record rise. Similarly, diesel prices rose to 00 ppl, also a record high.

Elsewhere, Furniture and Household Goods prices edged higher, driven by furniture and furnishings, household textiles and glassware, tableware and household utensils.

Partially offsetting downward contributions came from the Recreation and Culture and Clothing and Footwear categories.

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Shipping costs fall back