Inflation declines to 22.1% in May

The inflation in May 2023 determined by the National Consumer Price Index (NCPI) decreased to 22.1% from 33.6% recorded in April 2023 on a year-on-year basis.

The Department of Census and Statistics said the NCPI for all items for the month of May 2023 is 203.1. The month-on-month change was contributed by increases in food items of 0.45% and decreases in non-food items of 0.23%.

Year-on-Year inflation of the food group decreased to 15.8% in May 2023 from 27.1% in April and the Year-on-Year inflation of the non-food group decreased to 27.6% in May from 39.0% in April 2023.

Contributions to the inflation rate of May 2023 from food group and non-food group are 7.27% and 14.88% respectively.