PUTRAJAYA, June 28 — Economy Minister Rafizi Ramli said today that the inflation rate for May had dropped to 2.8 per cent, marking a nine-month continuous decline in the inflation rate since September last year.

Rafizi also said that May's rate was the lowest inflation rate observed in the past year.

"This reflects a continuous trend of increasingly stable prices.

"The decrease in inflation for May 2023 also indicates a comprehensive decline across all expenditure categories, signalling overall price stabilisation,” he said during a press conference on May's consumer price index (CPI) held at Menara Prisma here.

The inflation rate in September 2022 was 4.5 per cent, followed by 4.0 per cent in October and November, and then 3.8 per cent in December of the same year.

Subsequently, January and February 2023 experienced an inflation rate of 3.7 per cent, followed by 3.4 per cent in March, and 3.3 per cent in April.