It is the lowest rate since May of 2013, when the inflation was recorded at 8.2 percent.
Annual core inflation, which strips out cost of subsidized goods and volatile prices slowed to 8.86 percent in May from 9.11 percent in April.
On a monthly basis, consumer prices fell for the first time in five months by 0.76 percent, following a 0.6 percent increase in April.
