Consumer price growth slowed in May, with inflation easing to 2.1% year on year from 2.5% in April. On a month‑to‑month basis, prices increased by just 0.1%. Preliminary data indicate that this deceleration was primarily driven by weakening price pressures, particularly in sectors that had recently contributed to stronger inflation.

The rise in goods prices moderated further, slowing to 0.6% from 1.1% in April. Services remained the main driver of inflation, increasing by 4.7% year on year, although this represented a slight easing from the previous month. Prices of food and non‑alcoholic beverages declined again, falling by 1.9% and helping to dampen overall inflation. In contrast, alcohol and tobacco prices rose by 3.7%, while energy prices, including fuels, increased by 1.8%.

Fuel prices had been a key source of inflationary pressure in recent months due to geopolitical tensions, but this effect now appears to be subsiding. Oil prices have retreated from earlier highs, and fuel costs declined notably on a monthly basis, with diesel prices falling by around 6%. This suggests a reduced risk of sharp energy‑driven inflation spikes, although uncertainty in global markets persists.

Looking ahead, inflation is expected to remain within a range of 2% to 3% in the coming months, potentially drifting toward the upper bound by the end of the year. Despite the recent slowdown, monetary policy is likely to remain cautious, with authorities keeping their options open in case inflationary pressures begin to build again.