Don’t Worry if Headline CPI Reaches 5% |
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• Headline inflation is likely to reach a 17-year high • Consumers’ 1- year-ahead inflation expectations rose to 5.2%, not seen since 1982 • Although risks to core inflation have intensified, we expect it to remain stable • These trends are still consistent with a pause in monetary policy Pressures from oil and food prices persist As anticipated, after the lower than expected headline readings in April, inflation rebounded in May to a seasonally adjusted 0.6% (4.1% yoy). Once again, the main
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