Consumer prices reversed its upward trend, easing to 3.9 percent in May from a year earlier, the government said today, easing immediate pressure on possible interest rate hikes.

Inflation in April was 4.6 percent and hit 4.8 percent in March, the highest level in six years, and as economists welcomed the latest figures they warned the worst was not yet over on the inflation front.

"The pressure is off for the moment. But Inflation for June will be higher than May given the recent electricity traffic hike," Manokaran Mottain, economist SBB Securities told AFP.

"So that will pressure the central bank to raise rates by another 0.25 percent by the end of July," he added.

For the five months to May, inflation reached 3.9 percent over the same period last year, with increases in all the main indices, except for clothing and footwear, down 1.3 percent and communications down 1.2 percent.

During the period, food and beverages were up 3.6 percent year-on-year, transport added 12.8 percent and housing rose 1.3 percent, the statistics department said in a statement.

The central bank's monetary policy committee is scheduled to meet on July 28 to decide on interest rates.