Year-on-year, consumer prices have continued to increase substantially in recent months, reaching 5.2% in May 2022 (after 4.8% in April). The main contributor to inflation is still energy (2.2 percentage points in May), a situation that has been relatively stable since March. The momentum of inflation in April and May stems mainly from other goods and services: the prices of food and manufactured goods have continued to accelerate in reaction to earlier increases in production prices, while inflation in services has remained vigorous, notably in the wake of recent increases in the minimum wage. At the same time, the price of oil, having fallen back in April, rebounded in May and so the year-on-year increase in energy prices remained very strong. This was despite being tempered by the “tariff shield” on regulated sales tariff s for gas and electricity and by the “fuel price rebate”. These measures do indeed appear to have reduced headline inflation by 2 points in May...