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Private sector credit extension (PSCE) slowed to 1.5% y/y in May ’23, marking the slowest growth since Dec ’21 (1.0%). This is the third consecutive month of slowing credit growth. Growth was again entirely driven by household credit, which grew 5.2% y/y, while business credit saw its sharpest contraction this year (-2.4% y/y, the third decline this year). In real terms, PSCE contracted 4.8% y/y, as NCPI for May ’23 reported 6.28% for the month. Credit growth moderately accelerated to 0.7% m/m from 0.3% m/m in Apr ‘23.