T.H.
Does he have it all the time or just sometimes? Is this the first time he's had it? It could be excema, which could result from an allergy, sensitivity, or just plain old dry skin. It also could be, and maybe more likely, is a rash from moisture. Does he dribble milk when eating? It could be that he's getting moist from dribble that isn't getting wiped up and his shirt is keeping the moisture close to his skin and causing the rash. I would eliminate that as a possibility first and then probably move on to excema. At 5 months he may not noticeably scratch at it or seem bothered by it. You can apply some Aquaphor to keep it super moisturized. If it doesn't go away I'd ask your doc at your next appointment.