Consumer price inflation was 2,8% in May, unchanged from 2,8% in April. The consumer price index (CPI) increased by 0,2% between April and May.

Food & non-alcoholic beverages (NAB) is the only category that contributed to the monthly increase in the CPI. The monthly change in food & NAB was 1,1%, following a 1,3% rise in April. The annual rate for the category increased to 4,8% from 4,0% in April, the highest print since March 2024 when the rate was 5,1%.

Beef continues to push meat inflation higher

Meat, specifically beef, is a key factor behind the rise in food inflation. The annual rate for meat jumped from 3,0% in April to 4,4% in May. In April, monthly increases for beef products ranged from 6,2% to 11,9%. In May, notable monthly increases were recorded for beef steak (up 4,5%), stewing beef (up 2,5%) and beef mince (up 1,7%). A widespread outbreak of foot-and-mouth disease, combined with higher feed prices, contributed to the rise in beef inflation.

The fish & other seafood category recorded an annual increase of 4,9% in May, up from 4,8% in April. Hake is 9,1% and fish fingers 6,1% more expensive than a year ago.

The annual rate for oils & fats was 5,6%, the highest since April 2023 (10,0%). Sunflower oil recorded an annual increase of 7,6% and brick margarine 7,9%.

Vegetable prices tend to be highly volatile, depending on seasonal factors. The annual rate for the category was 10,3% in May, up from a recent low of -2,6% in November 2024. The rate in May is the highest since January 2024, when it was 12,6%. High annual increases were recorded for beetroot (64,0%), lettuce (20,9%) and carrots (13,4%).

Maize meal and samp continue to record high price increases. The annual rate for cereal products was 4,5% in May, with double-digit inflation registered for maize meal (14,2%) and samp (20,6%).

Most wheat-based products are experiencing low inflation rates, aside from biscuits. Savoury biscuits witnessed a monthly increase of 2,2%, taking the annual rate to 12,5%. Sweet biscuits saw a monthly rise of 1,5% and an annual increase of 6,4%.

Stubbornly high inflation rates for hot beverages may be subsiding. This index was unchanged between April and May. The annual increase slowed to 12,4% from 15,2% in April. This is the lowest year-on-year rate since April 2024 when it was 11,4%.

The graphs below show food and beverage products that registered notable price changes in May.

Other notable price changes

Services provided by electricians are surveyed twice a year in May and November. These services recorded a monthly and annual increase of 7,9%.

Fuel prices dropped by 1,1% between April and May, pulling the annual rate down to ‑14,9%. This is the largest annual decrease for fuel since October 2024 when the rate was -19,1%. Petrol is 15,9% and diesel 12,6% cheaper than a year ago.

For more information, download the May 2025 Consumer Price Index (CPI) statistical release and associated Excel files with indices and average prices here.

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