CSO releases Consumer Price Index for May – inflation rate 0.9%

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CSO releases Consumer Price Index for May – inflation rate 0.9%

The Central Statistical Office has released the Consumer Price Index for the month of May 2024.

The index shows the Inflation Rate for May 2024, which measures the percentage change in the All Items Index for the month of May 2024 over May 2023, was 0.9%.

This represents an increase from 0.5% which was recorded in the previous period (April 2024/April 2023). The Inflation Rate for the comparative period (May 2023/May 2022) was 5.7%.

The All Items Index calculated from the prices collected for the month of May 2024 was 123.6, representing an increase of 0.2 points or 0.2% above the All Items Index for April 2024 as shown in the table attached.

The Index for Food and Non-Alcoholic Beverages increased from 146.1 in April 2024 to 147.4 in May 2024, reflecting an increase of 0.9%. Contributing significantly to this increase was the general upward movement in the prices of white flour, tomatoes, celery, cucumber, pumpkin, parboiled rice, carrots, oranges, melongene and cabbage. However, the full impact of these price increases were offset by the general decrease in the prices of fresh whole chicken, soya bean oil, fresh carite, table margarine, ochroes, fresh king fish, onions, plantains, cornflakes and tea in bags.

A further review of the data for May 2024 compared with April 2024 reflected decreases in the sub-indices for Alcoholic Beverages and Tobacco of 0.1%, and Clothing and Footwear of 0.3%. This period also showed an increase in the sub-index for Health of 0.1%. All other sections remained unchanged.