Inflation Rate Remains Unchanged at 7.2% in May 2024
The inflation rate in May 2024 remained stagnant at 7.2%, attributed to the acceleration of food price increases and the deceleration of price increases in the clothing and footwear, as well as the "restaurant, cafes, and hotels" group, according to the National Institute of Statistics (INS).
Food Prices on the Rise
In May, food prices saw an annual increase of 9.7%. This surge is primarily due to price hikes in the following sectors:
- Ground coffee: 35% increase
- Ovine meats: 27.8% increase
- Edible oils: 21.9% increase
- Condiments: 16.6% increase
- Beef: 15.7% increase
Manufactured Goods and Services Also Affected
Manufactured goods experienced a 7% annual inflation rate, driven mainly by clothing and household maintenance products, with increases of 9.5% and 8.8%, respectively. Services were not spared, with a 5.5% increase, particularly in the restaurant, cafe, and hotel sector, which saw a 10.2% surge.
Historical Context
It's worth noting that the inflation rate was 9.6% in May 2023. In 2022 and 2021, the rates were 7.8% and 5%, respectively.
