Given the readings from the state releases so far today, we should likely see the national reading later come in below the estimate of 6.5%. I reckon we should be getting something around 6.2% to 6.4%, which would represent a notable drop from the 7.2% reading in April.
That said, just keep in mind that a lot of this is still to do with an adjustment to base effects as the high energy prices from last year are being phased out.
