The National Bureau of Statistics, NBS, on Tuesday, June 14, said inflation rate soared to 15.6 per cent in May from 13. 7 per cent in April. The figure, representing a 10-year high, was 1.9 per cent points higher from April rates.
The report from the bureau noted: “The increase in rates in May relative to April reflects an overall increase in general price level across the economy as all divisions which contribute to the Headline Index increased at a faster pace in May.”
“ Year on year, electricity rates as well as other energy prices continue to manifest as key drivers of the Core component of the CPI.
“The Core sub-index increased to 15.1 per cent in May, up by 1.7 per cent points from rates recorded in the previous month. During the month, the highest increases were seen in the passenger transport by road, Liquid Fuel (kerosene), fuels and Lubricants for Personal Transport Equipment (Premium Motor Spirit) and Vehicle Spare Part groups,’’ it said.
The report said that imported foods as well as a drawdown of inventories across the country continued to push food prices higher.
It said that the Food Sub Index increased to 14.9 per cent in May, up by 1.7 per cent points from rates recorded in April.
The report said that the food sub index increased as all major food groups which contributed to the food sub-index increased at a faster pace. “This is driven by higher food prices in fish, bread and cereals, and vegetables groups for the second consecutive month. In addition, the Imported Food Sub-Index increased by 18.6 per cent in May, compared to 2.2 per cent points from rates recorded in April,’’ it said.
The spate of increase was driven primarily by both the food and the core sub-indices of the consumer price index.
The Food sub-index jumped by 14.9 per cent year-on-year on the back of a spike in the prices of bread and cereal, fish and vegetables.
