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The latest inflation figures are concerning, with the consumer price index rising 4% in the year to May 2024, increasing the likelihood that the Reserve Bank of Australia will raise the official cash rate.

The CPI was up from 3.6% in April, according to the latest data released by the Australian Bureau of Statistics on Thursday, June 26.

The biggest contributors to the May increase in CPI were housing (+5.2%), food and non-alcoholic beverages (+3.3%), transport (+4.9 %), and alcohol and tobacco (+6.7%).

The latest inflation data arrives a little over a week since the RBA board met for its June monetary policy meeting, and decided to keep the cash rate at 4.35% โ€“ a position it has held since November 2023.

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