Food prices fell slightly in May as overall inflation trends down, according to figures released yesterday.

The latest Consumer Price Index showed food prices slide 0.2 per cent between May and April.

However, year-on-year food prices rose 8.3 per cent — after trending between 9 per cent and 10 per cent since last September.

Overall inflation fell to 3.1 per cent year-on-year in May, compared with 3.8 per cent in April.

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May 2023 CPI Report.pdf

According to the Ministry of Economy and Labour the food sector was the largest contributor to the 12-month increase in the CPI.

The CPI report said: “Factoring into the annual increase was the cost of pineapples (+49.0 per cent), ice cream (+31.8 per cent) and fruit juices (+29.1 per cent). In contrast, the annual average price of onions (-26.7 per cent), green peppers (-21.1 per cent) and boneless pork loin (-15.3 per cent) decreased.

“In the 12 months to May 2023, the transport and foreign travel sector increased 3.9 per cent. Notable annual increases were reported in the cost of overseas hotel accommodations (+35.2 percent) and motorcycles (+6.6 percent). In contrast, the annual average price of airfares declined 2.4 per cent.

“Year-over-year, the education, recreation, entertainment and reading sector rose 3.2 percent. The average cost of pleasure boats (+18.4 percent) increased. In contrast, the annual average price of televisions fell 10.8 per cent.”

The report said the annual increase in the health and personal care sector was 3.2 per cent. The average cost of self-prescribed medicines and household medical supplies (+6.0 per cent) and toiletries, cosmetics and perfumes (+2.5 percent) increased.

“Between April 2023 and May 2023, the CPI’s average cost of goods and services decreased 0.1 per cent.

In addition:

• The food sector dipped 0.2 per cent in May. Price decreases were reported in the average cost of green peppers (-18.8 per cent), boneless pork loin (-16.5 per cent) and onions (-5.8 per cent). In contrast, the average cost of red grapes (+13.3 per cent), sugar (+7.2 per cent) and butter (+5.2 per cent) rose.

• The transport and foreign travel sector slid 0.9 per cent. The average cost of overseas hotel accommodations (-3.5 per cent) and airfares (-2.8 per cent) decreased.

• The education, recreation, entertainment and reading sector rose 0.3 per cent for the month. The average price of pleasure boats climbed 3.5 per cent. In contrast, the average sports and fitness club membership cost declined 2.1 per cent.

• The increase in the average rent of properties subject to rent control (+0.1 per cent) and properties not subject to rent control (+0.1 per cent) contributed to the 0.1 per cent rise in the rent sector.