Consumer prices rose 0.38% from the previous month in May, below the 0.96% rise logged in April. May’s result marked the weakest reading since February. Looking at the details of the release, prices for recreation and entertainment rose at a faster rate in May, although prices for clothing and footwear were broadly in line with the previous month’s reading.
Inflation increased to 8.1% in May from April’s 8.0%. May’s figure represented the highest inflation rate since May 1998. Annual average inflation rose to 5.8% in May (April: 5.4%).
FocusEconomics’ analysts forecast inflation to end 2022 at 3.5%, up 0.1 percentage points from last month’s forecast, and end 2023 at 2.6%.