The central bank set an inflation target range of between 2 to 4 percent from 2018 to 2020.
Year-on-year, prices of food and non-alcoholic beverages increased by 3.4 percent in May, accelerating from a 3.0 percent rise in April. This was mainly attributable to higher annual rises in cost of other cereals, flours, cereal preparation, bread, pasta and other bakery products (3.7 percent); fish (4.2 percent); fruits (4.6 percent); vegetables (12.5 percent); and unclassified food products (6.8 percent). Likewise, cost of housing, water, electricity, gas and other fuels advanced faster (3.3 percent vs 3.2 percent), while inflation was steady for: clothing and footwear (at 2.4 percent); health (at 3.6 percent); furnishing, household equipment and routine maintenance (at 3.2 percent); communication (at 0.4 percent); and recreation and culture (at 3.1 percent).
On the other hand, prices slowed for alcoholic beverages and tobacco (9.5 percent vs 9.9 percent); transport (3.5 percent vs 3.8 percent); and restaurants & miscellaneous goods and services (3.3 percent vs 3.5 percent). At the same time, cost of education continued to decline (-3.8 percent, the same as in April).
On a monthly basis, consumer prices rose by 0.3 percent in May, after a 0.2 percent gain in the previous month and marking the fifth straight month of rise. Prices went up for: food and non-alcoholic beverages (0.4 percent); alcoholic beverages and tobacco (0.8 percent); clothing and footwear (0.2 percent); housing, water, electricity, gas and other fuels (0.3 percent); furnishing, household equipment and routine maintenance (0.3 percent); transport (0.7 percent); recreation and culture (0.3 percent); and restaurants & miscellaneous goods and services (0.2 percent). Meantime, cost of health was flat, while that of education fell further (-0.4 percent vs -0.3 percent).