Philippines: Despite slight decline, inflation remains high in June
July 7, 2014
In June, consumer prices rose 0.4% over the previous month, which came in just under the 0.5% rise recorded in May. June's print mostly resulted from an increase in prices for education and for food and non-alcoholic beverages. As a result of the lower monthly figure, annual inflation inched down from 4.5% in May, which had marked the highest reading since November 2011, to 4.4% in June. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, edged up from 3.4% in May to 3.6% in June.
The core inflation index, which excludes volatile items such as food and oil, increased 0.2% over the previous month, which represents a slight slowdown over the 0.3% rise recorded in May. Finally, annual core inflation decreased from 3.1% in May to 2.8% in June.