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May CPI inflation surprised on the upside, with month-on-month 0.6% vs. 0.4% Bloomberg consensus.
May’s 0.6% month-on-month is below April’s 0.8%, highlighting the decline in high-frequency inflation.
If one calculates the longer-horizon inflation rates, one can see the base effect. Annual CPI inflation is 5%, while 15-month (annualized) inflation is only 3%.