Consumer inflation jumped to 4,5% in May from 4,0% in April. This is the highest rate since July 2024, when it was 4,6%. The monthly change in the consumer price index (CPI) was 0,7% in May.

The inflation surge was largely driven by increases in fuel prices. The fuel index recorded a second large monthly increase, leaping by 14,3% to reach an annual rise of 28,7%. Over the past 12 months, prices for petrol increased by 24,8% and diesel by 53,8%. The impact of higher fuel prices on overall inflation can be seen by looking at the ‘CPI excluding fuel’ index. The annual change in this index was 3,7% in May, the same as the previous month. The rate has moved in a narrow range between 3,5% and 3,8% over the past 12 months. The monthly increase was 0,2% in May.

Inflation for food and non-alcoholic beverages (NAB) continues to subside, declining to 1,9% from 2,9% in April. This is down from the peak of 5,7% recorded in July 2025.

Annual deflation for cereal products deepened, dropping to -1,4% from -1,2% in April. Maize meal is 4,4% and brown bread 0,3% cheaper than a year ago.

Meat inflation cooled in May, recording an annual increase of 7,3% compared with April’s 9,4%. The monthly rate was -0,8%. Stewing beef prices dropped by 3,0% and beef mince by 2,4% between April and May. The annual increase for these two products was 2,8% and 10,6% respectively. Inflation for individual quick frozen (IQF) portions also decelerated, declining to 6,7% in May from 7,3% in April.

Prices for fruits & nuts and vegetables are lower than a year ago at -8,5% and -6,0% respectively. Both categories have been in deflationary territory since October 2025.

The annual rate for the milk, other dairy products & eggs category increased to 0,9% from 0,1% in April. Several products recorded high monthly increases, including full cream long-life milk, up by 1,7% (2,2% year-on-year); low fat fresh milk, higher by 1,5% (3,5% year-on-year); and cheddar cheese, up by 1,5% (6,2% year-on-year).

Annual Inflation for the ‘other food’ category rose to 4,9% from 4,1% in April. Salad dressing rose by 2,3% between April and May and by 10,0% over the past 12 months. Mayonnaise prices witnessed a monthly increase of 2,2% and an annual rise of 8,1%. Salt jumped by 2,5% month-on-month and 9,3% year-on-year.

Non-alcoholic beverages also experienced higher inflation rates, increasing to 4,9% from 4,6% in April. The annual rate for Ceylon (black) tea rose to 8,3% from 7,8% in April. Rooibos tea also increased to 7,5% from 5,2%.

The graph below shows the food and beverage products that recorded the sharpest price increases and decreases.

For more information, download the May 2026 CPI statistical release and associated Excel files with indices and average prices here.

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