Retail inflation measured by the CPI has recorded its lowest since 2012 when the index was launched. The new low was caused by contraction of food prices.
According to the CSO’s inflation statistics published on Monday, inflation during May was 2.18%. inflation figure was 2.99% during the previous month (April).
The current nationwide CPI unifies was launched by the CSO in 2012. Since then, the index has become the anchor index measuring inflation surpassing the significance of the WPI.
According to the CSO data, decline in food prices has brought down the price rise. The Food and Beverages category recorded a price contraction of 0.2%.
In another data published along with the CPI statistics, the Industrial Production Index (IIP) has shown an increase of 3.1% during May. The IIP was factored by the slow performance of the manufacturing activities. The index has registered a growth rate of 3.75% during the previous month as per the revised statistics by the CSO.