Philippines: Inflation edges higher in May
In May, consumer prices were flat compared to the previous month, coming in below the 0.5% increase reported in May. April’s print reflected higher prices for transportation, and alcoholic beverages and tobacco, which were offset by lower prices for food and non-alcoholic beverages.
Inflation came in at an over six-year high of 4.6% in May, just above April’s 4.5% increase. Inflation in March moved above the upper bound of the Central Bank’s target range for the 2017–2020 period, set at 3.0% plus or minus one percentage point. Meanwhile, annual average inflation inched up from 3.2% in April to 3.3% in May.