Gasoline pushes May inflation to 2.86 pct
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A surge in the prices of gasoline, food and some other goods has sent the consumer price index rising by 2.86 percent year-on-year in May.
Global gasoline prices went up while the rising costs of raw materials and ingredients pushed up food prices, according to the General Statistics Office.
The monthly rise in prices was 0.38 percent with culture, tourism and entertainment products rising by 0.74 percent as travel demand recovered.
Inflation in the first five months was 2.25 percent as against 1.29 percent in the same period last year.
Standard Chartered Bank expects full-year inflation of 4.2 percent in 2022 and 5.5 percent in 2023.
Several economists have also said it would be difficult to contain inflation below the targeted 4 percent rate due to higher prices, especially of gasoline, caused by war in Ukraine.
Inflation was 1.8 percent last year, the lowest in six years.
Questions & Answers
Q.What were the main factors driving the increase in the consumer price index during May?
What were the main factors driving the increase in the consumer price index during May?
The surge in prices of gasoline, food, and some other goods were the primary causes. Global gasoline prices increased, while the rising costs of raw materials and ingredients led to higher food prices.
Q.How did inflation in the first five months of this year compare to the same period last year?
How did inflation in the first five months of this year compare to the same period last year?
Inflation for the first five months of this year was 2.25 percent. This figure is significantly higher than the 1.29 percent recorded during the same period in the previous year.
Q.Which specific product category saw a notable monthly price increase due to renewed demand?
Which specific product category saw a notable monthly price increase due to renewed demand?
Culture, tourism, and entertainment products experienced a monthly price rise of 0.74 percent. This increase is attributed to the recovery in travel demand, pushing up costs in this sector.
Q.What is the expected full-year inflation rate for 2022 and 2023, according to Standard Chartered Bank?
What is the expected full-year inflation rate for 2022 and 2023, according to Standard Chartered Bank?
Standard Chartered Bank forecasts full-year inflation to be 4.2 percent in 2022. For the following year, 2023, the bank projects an inflation rate of 5.5 percent.
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