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Inflation up 1.1% in April

Carlo S. Lorenciana (The Freeman) - May 5, 2016 - 10:00am

CEBU, Philippines - Inflation in April grew 1.1 percent, the same rate recorded in March, with rising consumer prices noted last month.

"Mixed movements in the annual growths were observed among the commodity groups. Higher annual gains were noted in the indices of alcoholic beverages and tobacco; clothing and footwear; health; recreation and culture; and restaurant and miscellaneous goods and services," the Philippine Statistics Authority said in a statement yesterday.

 Year-to-date inflation stood at 1.1 percent, below the government's 2-4 percent full-year forecast.

Core inflation, which excludes food and energy items, rose 1.5 percent for three consecutive months already.

 The April inflation was within the 0.7-1.5 percent estimate of the Bangko Sentral ng Pilipinas.

 PSA noted the country's consumer prices went up 0.2 percent last month from 0.1 percent in March due to higher charges in electricity rates and upward adjustments in the prices of kerosene and select construction items.

 "In addition, food items such as selected vegetables, fruits, spices, condiments and fish species were priced higher during the month," it said.

In an earlier conference here in Cebu City, Economic Planning Secretary Emmauel Esguerra said that inflation has been relatively tamed.     

"The low inflation environment is contributing over-all to a low cost of economic transactions," Esguerra said.

Esguerra said that healthy monetary and financial conditions continue to support growth.

The Bangko Sentral earlier said inflation is projected to settle within the target range in 2016-2017, with current monetary policy settings considered appropriate presently. (FREEMAN)

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