Inflation rises to over two-year high in May

Latest reading: Inflation climbed to 7.1% in May from April’s 6.5%, rising further above the 5.0% upper bound of the government’s target. May's reading was the highest inflation rate since February 2023. Looking at the details of the release, prices for food and non-alcoholic beverages increased at a faster pace in May—likely reflecting frosts damaging crop yields in early 2025—as did textile costs. Still, a softer rise in transport prices cushioned the upturn. As a result, annual average inflation edged up to 5.9% in May (April: 5.7%). Lastly, consumer prices rose 0.70% over the previous month in May, below April's 1.00% increase. May's result marked the joint-weakest reading since December 2024.

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