Inflation idled under 2 per cent, according to the May 2025 Consumer Price Index released today by the Ministry of Economy and Labour together with the Department of Statistics.

Consumers paid 1.8 per cent more in May than a year before for the basket of goods and services included in the Consumer Price Index.

The level of inflation was unchanged from the April 2025 annual inflation rate.

The department said that over the past decade, the annual rate of inflation exhibited significant variability, reaching a ten-year low of -1.4 per cent in July 2020 and peaking at 5.1 per cent in September 2022

The statement read: “The annual average percentage change for the period 2015–2024 shows an overall upward trend in average price levels, with the highest annual average increase recorded in 2022 at 4.0 per cent. Since then, the annual average rate of increase has slowed, falling to 3.3 per cent in 2023 and further to 1.9 per cent in 2024.

“This indicates a continued moderation in the average rate of price growth following the post-pandemic peak.

“During the last ten years, the year-over-year percentage change in food prices exhibited the most prominent fluctuation between 2022 and 2024, reaching a high of 10.6 per cent in September 2022.

“The annual average percentage change for the period 2015 to 2024 shows a positive growth trend in the price change of food, peaking in 2022 at an average 7.9 per cent. Since then, the rate of increase has slowed, with a 6.5 per cent rise in 2023 and a further moderation to 3.6 per cent in 2024.”

Between April and May, the average cost of goods and services in the CPI increased 0.1 per cent. The all-items index rose from 119.7 to 119.8. This means that the basket of goods and services that cost $100.00 in April 2015 now costs $119.80.

Some highlights for May 2024 to May 2025 include:

• The Rent division increased 2.5 per cent

• The Health & Personal Care division rose 3.7 per cent

• The Food division increased 1.8 per cent

• The Fuel & Power division rose 5.7 per cent

• The Education, Recreation, Entertainment & Reading division rose 0.7 per cent

Between April and May, the average cost of goods and services increased 0.1 per cent. Additional areas of note between April and May were as follows:

• The Rent division increased 0.2 per cent

• The Food division increased 0.1 per cent

• The Tobacco & Liquor division rose 0.4 per cent

• The Household Goods, Services & Supplies division was unchanged

Download PDF File

May 2025 CPI Report.pdf

• For more on the Consumer Price Index, see Related Media