Wednesday, May 31, 2017

Inflation dips to 6.0% in May

The12-month inflation dropped to 6.0% in May 2016, from 6.9% in April according to the Department of Census and Statics.

In May 2016, consumer prices rose 1.8%, one of the highest in prices seen in a single month in recent years.

Year-on-year inflation of food groups has increased from 8.6% in April to 9.3% in May 2017 and that of non‐food groups has decreased from 6.3% to 4.6% during this period.

For the month of May 2017, on year to year basis, contribution to inflation by food commodities was 2.70%.

The contribution of non-food items was 3.27%. This was mainly due to value change increases in groups of clothing and footwear (0.11%), furnishing household equipment and routine household maintenance (0.10%), health (0.53%), transport (0.34%), recreation and culture (0.02%), education (0.85%), restaurants and hotels (0.44%) and miscellaneous goods and services (0.52%).

The increase in the index point by 0.91% was due to the increases of food and nonalcoholic beverages items by 0.66% and non-food items by 0.25% respectively.

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