THE annual rate of inflation as measured by the Retail Price Index (RPI) decreased from 6.7 per cent in April to 6.3 per cent in May.
The annual rate of inflation excluding housing costs shown by the RPI also decreased from 7.2 per cent in April to 6.9 per cent in May.
The annual rate of inflation shown by the Consumer Prices Index (CPI) again decreased from 6.4 per cent in April to 6.1 per cent in May 2011.
Treasury Minister Anne Craine MHK said: "It is encouraging to see a fall in the annual rate of inflation and even better to see that it was on the back of only a small increase in living costs in May.
"It is possible that the rate will increase over the next few months and beyond that it is difficult to predict whether the decline in inflation anticipated towards the end of 2011 and into 2012 will be realised.
"Much will depend on what happens to oil and other commodity prices as the global economy continues to recover."
