Core inflation rose to 5.5 per cent in February and January this year, a 14-year high, before falling to 5 per cent in March and April. It dropped to 4.7 per cent in May.
Services inflation fell from 3.9 per cent in May to 3.6 per cent in June, due to a slower pace of increase in holiday expenses and airfares. Accommodation inflation also fell – from 4.7 per cent to 4.5 per cent – as housing rents rose more slowly. Core inflation is expected to moderate further in the second half of this year, as imported costs fall from levels a year ago and the current tightness in the domestic labour market eases, said MAS and MTI.
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