May Consumer Prices Rise 3.1%, Hitting 1-Year High

Consumer prices rose 3.1% last month compared to the same month last year. This marks the sharpest increase since March 2024.

The consumer price inflation rate, which had fallen from 2.3% in December last year to 2.0% in January and February of this year, had been rising to 2.2% in March and 2.6% in April, before reaching 3.1% in May.

Petroleum product prices increased by 24.2% year-on-year, contributing 0.92 percentage points to the overall consumer price increase. Price increases for industrial products influenced a 1.40 percentage point rise in overall prices. International airfare surged by 33.5%.

The cost of living index rose by 3.3%.