Consumer prices climbed 16.0% year-on-year in May, faster than the 14.2% rise in April. Economists had expected inflation to increase to 15.4%.
The latest inflation was the most in the past three decades when in December 1993 the yearly price growth reached 18.2%.
Transport costs grew the most by 22.6% in May compared to last year, and utility costs surged 21.3%.
The annual price growth for food and alcoholic beverages rose from 10.7% in April to 15.1% in May.
The price rise in restaurants and hotels was also double-digit at 22.2%. On a monthly basis, consumer prices climbed up 1.8% in May.
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