May CPI marks highest monthly rise in six years

Thursday, 31/05/2018 17:18
The Consumer Price Index (CPI) in May increased 0.55% from the previous month, the highest monthly rise in six years since 2012, reported the General Statistics Office (GSO).

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Average CPI in the first five months of 2018 also soared 3.01% compared to the same period last year.

Compared to the previous month, 9 out of 11 commodity and services groups saw price increases. Specifically, the transport group has the highest rise at 1.72%; followed by restaurant and catering services, 0.88%; housing, electricity, water and building materials, 0.34%; equipment and housing devices, 0.1%; beverage and cigarette, 0.88%; culture, entertainment and tourism, 0.08%; garments, hats and footwear, 0.08%; medicine and health services, 0.03% and other commodities and services, 0.02%.

Prices of post and telecom enjoyed a 0.14% decrease, while prices of education remained unchanged.

According to GSO, reasons behind the CPI growth were rising pork and animal feed prices, higher demand for eating out and tourism during the holiday of April 30th and May 1st, and petrol and gasoline price adjustment of two times.

Meanwhile, factors curbing CPI growth were decreasing fresh and processed fruit prices due to abundant supply, and declining prices of housing for rent during the Summer.

Basic inflation in May increased 0.11% from the previous month and rose 1.37% over a year earlier. Average inflation over the five months surged 1.34% compared to the same period last year./.

BTA

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