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Markets & Prices

Last updated: Thursday, December 14, 2017

 

CPI Drops 0.53 Pct in May

Posted: Tuesday, May 30, 2017


The consumer price index (CPI) saw a month-on-month decline of 0.53 per cent and a year-on-year surge of 3.19 per cent in May. This was the largest drop in May over the last ten years, according to the General Statistics Office (GSO).

The CPI jumped 0.37 per cent against December, 2016. In the first five months, the CPI witnessed a year-on-year growth of 4.47 per cent.
Specifically, seven out of 11 groups of commodities saw stable costs, including goods and services (up 0.15 per cent); culture, entertainment and tourism (up 0.13 per cent); household utensils and equipment (up 0.1 per cent); beverage and tobacco (up 0.08 per cent); garments and textiles, hats, footwear (up 0.05 per cent); medicines and health services (up 0.04 per cent); and education (up 0.02 per cent).

Four out of 11 groups of commodities witnessed declining costs, such as restaurants and service (1.43 per cent); transport (0.34 per cent); post and telecom (0.05 per cent); housing and building materials (down 0.02 per cent).

The GSO attributed the CPI drop to lower costs of foodstuff (down 0.06 per cent); food (down 2.27 per cent); and petrol price cut (down 0.03 per cent).

This was the lowest CPI rise in May over the last ten years. On average, inflation rate was 1.56 per cent in May. Thus, the CPI growth rate of 0.53 per cent was lower than the preset goal of 1.6-1.8 per cent, showing signs of stable monetary policies.

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