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Inflation falls, but interest rate hikes still likely, say economists | The Business | ABC News

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The latest monthly consumer price indicator shows inflation fell sharply to 5.6 per cent over the 12 months to May, down from 6.8 per cent in April.
Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2023-06-28/monthly-inflation-figures-may-2023-abs/102535072

Economists say the lower than expected figures could give the Reserve Bank reason to leave interest rates on hold in July, but many expect more hikes in the coming months, as price pressures remain persistent.

A large fall in the cost of fuel, reversing a sharp rise in April, was the biggest downwards contributor to prices in May.

Downward pressure on prices also came from travel and accommodation, as the post-pandemic summer and Easter travel booms subsided, although holiday costs were still 7.3 per cent higher than a year ago.

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