RBA Interest Rates to plummet early 2023, page-2331

Yep look at everything in the cpi basket, everything i can find is up between 6-15% part from petrol
If that’s the case how can inflation only be 5.8%

The most significant contributors to the annual increase in the monthly CPI indicator in May were Housing (+8.4 per cent), Food and non-alcoholic beverages (+7.9 per cent), and Furniture, household equipment and services (+6.0 per cent). Partly offsetting the rise was a fall in Automotive fuel (-8.0 per cent).

The Housing group annual increase of 8.4 per cent was lower than the April increase of 8.9 per cent.

“Within the Housing group, New dwelling prices rose 8.3 per cent, which is the lowest annual growth since November 2021, as building material price increases continue to ease,” Ms Marquardt said.

“Rent price increases went up again from an annual rise of 6.1 per cent in April to 6.3 per cent in May as the rental market remains tight.”

Food and non-alcoholic beverages prices rose 7.9 per cent in the 12 months to May. "The main contributor to this increase was Meals out and takeaway food which increased from 7.3 per cent in April to 7.7 per cent in May, as higher costs of ingredients, rents, utilities, and wages were passed on," Ms Marquardt said. Price rises for Food products not elsewhere classified (+11.5 per cent), Bread and cereal products (+12.8 per cent), and Dairy and related products (+15.1 per cent) were also significant contributors to the increase.

Automotive fuel prices are 8.0 per cent lower compared to 12 months ago. They fell 6.7 per cent in the month of May.

"The annual movement for automotive fuel remains volatile, partly reflecting price changes from 12 months ago. Annually automotive fuel prices fell 8.0 per cent in May, compared to a rise of 9.5 per cent in April," Ms Marquardt said.