Inflation continued to rise in May for the eighth consecutive month.
According to data released today, Sunday, June 5, 2022, by the National Institute of Statistics (NIS), the inflation rate reached 7.8% in May.
This increase is mainly explained by the accelerated pace of price increases in the housing, water, gas, electricity and other fuels group (7.3% compared to 5% in April) and in the furniture, household goods and routine household maintenance group (8.4% compared to 7.4% in April.
Food prices rose 8.2% year-over-year in May 2022. This increase was mainly due to higher prices for &eggs (+23%), edible oils (+20.1%), fresh fruit (+16.8%), grain derivatives (+9.7%), fresh vegetables (+8.5%) and fresh fish (+8.4%).
In addition, prices of manufactured goods surged 9.3% in May due to higher prices for building materials (+11.6%), clothing products (+9.4%) and routine household maintenance products (+6.5%).
For services, the price increase reached 6% year-on-year, explained by the rise in prices for restaurant, cafe and hotel services (+7.9%), rents (+4.6%) and other services (+7.4%).
The core inflation rate (excluding food and energy) reached 7.4% from 7.2% in April.
Prices of free goods (non-administered) rose by 7.8% year-on-year. Prices of administered products increased by 8.1%, while free food products rose by 9.6% compared to 1.1% for administered food products.