The latest figures from the Department of Census and Statistics reveal a notable decline in inflation rates for May 2024, signaling a potential easing of economic pressures.
According to the National Consumer Price Index (NCPI), which tracks changes in the prices paid by consumers for a basket of goods and services, inflation fell to 1.6% in May, down from 2.7% in April 2024.
Specifically, food inflation saw a substantial decrease, registering at 0.5% in May compared to 3.3% the previous month. In contrast, the Year-on-Year inflation rate for non-food items edged slightly upward to 2.4% in May from 2.3% in April 2024.
The NCPI for all items in May 2024 was measured at 206.3, marking a decline of 1.9 index points from April 2024. This decrease reflects lower overall consumer prices across various categories, contributing to the broader decrease in inflation.
