Philippines: Inflation accelerates to highest level since November 2011
June 5, 2014
In May, consumer prices edged up 0.5% over the previous month, which came in above the 0.4% rise recorded in April. The print was mostly the result of an increase in prices for housing, water and fuels, as well as for food and non-alcoholic beverages. As a result of the higher monthly figure, annual inflation rose from 4.1% in April to 4.5% in May, the highest reading since November 2011. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, inched up from 3.3% in April to 3.4% in May.
The core inflation index, which excludes volatile items such as food and oil, increased 0.3% over the previous month, which represents a deceleration over the 0.4% rise recorded in April. Finally, annual core inflation edged up from 2.9% in April to 3.1% in May.