Consumer prices rose 3.3% in May…the lowest level in 19 months

The inflation rate fell to the low 3% range for the fourth consecutive month.

According to the “Consumer Price Trends in May 2023” published by the National Statistical Office, the consumer price index last month was 111.13, up 3.3% from the same month last year.

This is the lowest number in 19 months since last October 2021.

It is analyzed that the underlying effect of the sharp increase in prices during the first half of last year worked, and the overall inflationary pressure was reduced as petroleum prices continued to fall.

Oil fell 18% from a year ago, the biggest drop in three years since May 2020.

On the other hand, electricity, gas and water prices rose by 23.2%, and the price of eating out also increased by 6.9%, raising the inflation rate.


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