Inflation rises to 3.2% in May
MANILA, Philippines (Update 2, 10:39 a.m.) — Inflation quickened in May after six consecutive months of slowdown but remained within the government’s target, the Philippine Statistics Authority reported Wednesday.
Consumer price growth clocked in at 3.2% in May, faster than the 3% in April. A year ago, the inflation figure stood at 4.6%.
“This is the first time that it rose after six consecutive months of slowdown,” national statistician Dennis Mapa said.
Despite the slight uptick, the inflation figure is still within the Bangko Sentral ng Pilipinas’ 2.8% to 3.6% target range in May.
The main drivers in the rise of May inflation were food and non-alcoholic beverages at 3.4% from 3% in April; and housing, water, electricity, gas, and other fuels at 3.3% from 3.2% in April.
Slower annual increment, meanwhile, was observed in the indices of alcoholic beverages and tobacco at 9.5%; transportation at 3.5%; and restaurant and miscellaneous goods and services at 3.3%.
Headline inflation in the National Capital Region accelerated to 3.4% in May from 3.1% in April.
Growth in consumer prices in areas outside NCR was likewise higher in May at 3.1%.
Across regions, the highest inflation rate was seen in MIMAROPA at 4.7% in May. The lowest, meanwhile, was observed in Central Visayas and Zamboanga Peninsula both at 1.5%.
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