The Composite Consumer Price Index, a key measure of inflation, increased by 2.64 percent year-on-year in May 2016 to 108.17, according to data from the Statistics and Census Service (DSEC). Consumer Price Index (CPI) for May was down from the 3.02 percent year-on-year growth observed in April, and represented the lowest annual rise since August 2010.
The price indexes of Food and Non-Alcoholic Beverages and Housing and Fuels showed a slowing growth in May, while Clothing and Footwear, Communication and Recreation and Culture had a nominal decrease.
However, the price indexes for Alcoholic Beverages and Tobacco, Education and Transport rose by 42.69 percent, 8.98 percent and 7.71 percent respectively year-on-year, which can be attributed to an increase in tobacco tax, tuition fees, rentals for parking spaces and the prices of motor cars, according to a statement from DSEC.
CPI for May 2016 increased by 0.14 percent month-to-month, driven by the prices indexes of Alcoholic Beverages and Tobacco (+4.33 percent), Transport (+0.82 percent), Clothing and Footwear (+0.82 percent), on account of dearer prices of gasoline and women’s summer clothing according to DSEC.
For the 12 months that ended in May 2016, the average Composite CPI increased by 3.9 percent from the previous year. The price indexes of Alcoholic Beverages and Tobacco and Education showed marked increase of 33.84 percent and 7.46 percent respectively.
Meanwhile, the average composite CPI for the first five months of 2016 increased by 3.33 percent year-on-year, led mostly by Alcoholic Beverages and Tobacco, Education and Transport.
CPI reflects the impact of price changes on the general households.
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