Inflation accelerates again in May

Latest reading: Inflation accelerated for the third consecutive month in May, hitting a four-month high of 16.9% from April’s 13.9%. Prices for transport increased more quickly; a cut in fuel subsidies on 11 April—as part of IMF-backed reforms—was in part responsible. Moreover, prices for food and non-alcoholic beverages—the largest component in the consumer price index basket—also rose at a faster clip. Still, the trend pointed down, with annual average inflation coming in at 21.5% (April: 22.4%). Meanwhile, core inflation rose to 13.1% in May from 10.4% in April. Lastly, consumer prices increased 1.88% in May over the previous month, accelerating from April’s 1.34% rise.

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