The consumer price index rose 3.1% in May. It was the biggest increase in 2 years and 2 months since March 2024 (3.1%). As the impact of the "Middle East war" took hold, petroleum products rose 24.2% from a year earlier. Prices of petroleum products saw the biggest increase in 3 years and 10 months since the "Russia-Ukraine war" in 2022.
According to the "May consumer price trends" that the Ministry of Data and Statistics (MODS) released on the 2nd, last month's consumer price index (2020=100) rose 3.1% from the same month a year earlier. The pace of price increases had been slowing since October last year, but has expanded for three straight months since March, when the Middle East war began (2.2%).
Prices of petroleum products jumped 24.2% from a year earlier. This was the biggest rise in 3 years and 10 months since July 2022 (35.2%). Specifically, gasoline and diesel rose 23.1% and 33.3%, respectively.
Industrial products, including petroleum products, rose 4.2% from a year earlier. Another item that makes up industrial products, processed foods, rose only 0.8%. Looking at items of a different nature from industrial products, agricultural, livestock and fishery products rose 2.2%. Electricity, gas and water rose 0.1%.
Services, which refers to personal services such as rent, public services and dining out, rose 2.8%. Public services rose 1.8%, and personal services rose 3.7%. An official at the Ministry of Data and Statistics (MODS) said, "Rising oil prices due to the Middle East war and seasonal factors driving up service prices led to higher consumer prices."
The living cost index, which reflects perceived prices and is composed mainly of frequently purchased items, rose 3.3%, widening the increase by 0.3 percentage points from the previous month (3.0%). The fresh food index, which reflects "table prices," fell 1.4%.
The index excluding food and energy, a core inflation measure used by the Organisation for Economic Co-operation and Development (OECD), rose 2.5%. Another core inflation indicator, the index excluding agricultural products and petroleum products, rose 2.5%.