Headline inflation increased from 10.3 percent in April 2026 to 10.7 percent in May, remaining above the medium-term objective range of 3 – 6 percent, and was significantly higher than the 1.9 percent recorded in May 2025. The increase in inflation between April and May 2026 was mainly due to the base effect associated with the decrease in water tariffs for low-consumption households in May 2025, which had lowered inflation by 0.23 percentage points at the time. The 16 percent trimmed mean inflation increased from 8.8 percent to 9.1 percent, while inflation excluding administered prices increased from 5.6 percent to 5.9 percent, between April and May 2026.
Inflation for domestic tradeables increased from 7.4 percent to 7.6 percent between April and May 2026. Similarly, inflation for imported tradeables increased from 17.8 percent to 18.1 percent over the same period. Overall, all tradeables inflation increased slightly from 15 percent to 15.3 percent between April to May 2026. Meanwhile, inflation for non-tradeables increased from 3.1 percent to 3.9 percent in the same period, mainly due to the base effect of the reduction in water tariffs for low-consumption households and the cost-push pressures associated with the recent increase in administered prices.