CPI rose 3.1% YoY in May, up from 2.8% in April. Food prices 
increased 1.8% while non-food prices rose 1.6% and services
prices increased 1.8%. Clothing prices fell 1.2%, while residence expenses, primarily public utility charges, rose 5% YoY.
On a MoM basis, CPI fell 0.1% in May, with food prices down 0.5%. Fresh vegetables, which have accounted for much of the CPI growth this year, were down 9.8% MoM.
Chart from CLSA
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