The rise in fish and seafood prices is due to unfavourable weather and labour shortage.
Meanwhile, the increase in food and non-alcoholic beverages was due to the rise in prices of food such as oil and fats by 20.5 per cent; meat 11.4 per cent; and fish and seafood 6.9 per cent.
The rise in the price of oil and fats is primarily due to an increase in the price of cooking oil, which corresponds to an increase in import prices due to an increase in the price of vegetable oil and palm oil input materials. Chicken meat is the main contributor to the increase in meat prices, due to the increase in the cost of chicken feed.
In May 2022, the Consumer Price Index (CPI) decreased by 0.3 per cent compared to April 2022.
This was driven by the decrease in the Non-Food Index by 0.4 per cent. However, the decline in the index was offset by an increase in the Food and Non-Alcoholic Beverages Index by 0.3 per cent.
For year-on-year changes, the CPI increased by 3.8 per cent compared to May 2021. The rise in the CPI was in line with the increase in food and non-alcoholic beverages and non-food prices by 5.4 per cent and 3.4 per cent.
The increase in the non-food component was driven by miscellaneous goods and services at 14.5 per cent; transport at 4.9 per cent; and housing, water, electricity, gas and other fuels at 2.3 per cent.
Miscellaneous goods and services’ prices rose mainly due to the increase in the price of vehicle insurance. Meanwhile, the increase in transport was mainly due to the rise in motor cars and air fares. The rising cost of maintenance and repair of the dwelling as well as prices of rental for housing drove up housing, water, electricity, gas and other fuel prices.
The CPI full report for May 2022 is available from the Department of Economic Planning and Statistics website.