Headline inflation decreased slightly from 3.1 percent in April to 3 percent in May 2024, reaching the lower bound of the medium-term objective range of 3 – 6 percent and was lower than the 5.7 percent in May 2023. The marginal decrease in inflation between April and May 2024 is due to the deceleration in the rate of annual price change for most categories of goods and services, while for some, prices were generally unchanged. Inflation for domestic tradeables decreased from 3.7 percent to 3.4 percent between April and May 2024, due to a broad-based deceleration in food price increases. Similarly, imported tradeables inflation decreased slightly from 3.3 percent to 3.2 percent in the same period. As a result, all tradeables inflation fell marginally from 3.4 percent to 3.3 percent between April and May 2024. Meanwhile, inflation for non-tradeables decreased slightly from 2.7 percent to 2.6 percent in the same period.
Similarly, the 16 percent trimmed mean inflation and inflation excluding administered prices fell marginally from 2.9 percent and 3.1 percent to 2.8 percent and 3 percent, respectively, during the same period.