Retail price index up to 0.74% in May

In May 2016, the annual rate of inflation as measured by the Retail Price Index went up to 0.74 per cent, from 0.41 per cent registered in April 2016.

The monthly inflation rate registered in May 2016 was 0.12 per cent, down from 0.56 per cent registered in April 2016.

The main upward impacts on annual inflation were recorded in the Food Index (0.65 percentage points), the Beverages and Tobacco Index (0.26 percentage points) and the Other Goods and Services Index (0.14 percentage points). This was mainly due to higher prices of vegetables, cigarettes and insurance services respectively.

The Transport and Communication Index (0.66 percentage points), the Clothing and Footwear Index (0.12 percentage points) and the Water, Electricity, Gas and Fuels Index (0.04 percentage points) were the main downward impacts on annual inflation, mainly reflecting price reductions in package tours, garments and gas respectively.

The twelve-month moving average rate was 0.90 per cent.