According to the StatOffice flash estimate, CPI inflation rose to 2.5% year-on-year in May from 2.4% YoY in April. Food and non-alcoholic beverage prices rose by 0.3% month-on-month, fuel prices fell by 0.3% MoM and energy prices slowed by 0.2% MoM.
The increase in the annual growth of fuel prices was the largest contributor to the increase in the YoY inflation rate relative to April (fuel prices fell 4.8% MoM in May 2023). In May, fuel prices rose in annual terms for the first time since March 2023.
In May, low inflation was facilitated by warm weather. The growing season started a month earlier in some regions, which impacted food prices, but may also have held back increases in energy e.g. heating.
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