June 16, 2026/CSL Update

Inflation rises for the third consecutive month. Headline inflation advanced for the third consecutive month in May, rising to 15.9% year-to-year (y/y) from 15.7% y/y in April, consistent with our expectation. The increase was broadly driven by upward pressure across key components of the inflation basket, with both food and core inflation accelerating during the period. Food inflation climbed 90 basis points (bps) to 17.0% y/y from 16.1% y/y in April, while core inflation rose by 97bps to 16.8% y/y from 15.9% y/y in the prior month.

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​CSL Economics and Strategy – May 2026 Inflation.pdf