Rising food and housing prices boosted Tunisia’s CPI inflation to a five-month high of 3.6% y/y in May from 3.4% annual expansion the preceding month, the statistics office INS said.
In January-May 2016, the CPI index grew 3.4% y/y, remaining well in single digits and the c-bank’s comfort zone. The central bank is sustaining its wait-and-see monetary stance by holding the benchmark rate unchanged at 4.25%, seeking to spur GDP growth amid still anchored inflation.
In monthly terms, the CPI increased 0.6% in May.
Food and beverages prices rose 1.0% m/m in May, fuelling the annual growth to a six-month high of 2.9% from 1.8% y/y in April. Poultry prices climbed 9.1% m/m in May amid strong demand. The fasting month of Ramadan started on June 5 meaning local demand for food items will soar and thus most likely fuel the CPI inflation further in the near term. Fresh vegetable prices grew 3.1% m/m in May.
Housing and utilities prices (14% of the basket) rose 0.5% m/m in May, lifting the annual increase to 4.8% from 4.6% y/y in April. Rents charges climbed 7.0% y/y during the month on strong local demand.
Transport prices rose 1.2% y/y, easing from 1.5% y/y in April as the government liberalised the fuel market.
| May-15 | Apr-16 | May-16 | |
| CPI (y/y) | 5,3% | 3,4% | 3,6% |
| Food/beverages | 6,3% | 1,8% | 2,9% |
| Tobacco | 9,9% | -0,5% | -0,6% |
| Clothing/Footwear | 7,2% | 8,1% | 7,0% |
| Housing/utilities | 4,5% | 4,6% | 4,8% |
| Furniture/equipments | 5,4% | 5,3% | 5,0% |
| Health | 3,5% | 2,3% | 2,3% |
| Transport | 3,1% | 1,5% | 1,2% |
| Communications | -4,2% | -1,4% | 0,0% |
| Recreation/culture | 3,2% | 1,9% | 1,3% |
| Education | 4,7% | 10,2% | 10,1% |
| Rest/Hotels | 11,5% | 4,8% | 4,2% |
| Other serivces | 6,5% | 6,2% | 6,3% |
| Source: INS |
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