MANILA, Philippines – Inflation picked up for the fourth straight month in May, rising to 3.9% and nearing the upper band of the government target range, the Philippine Statistics Authority reported on Wednesday, June 5.
The latest figure is slightly higher than the 3.8% reported in April, but lower than the 6.1% posted in May 2023.
The primary drivers of acceleration included housing, water, electricity, gas, and other fuels (from 0.4% in April to 0.9% in May) and transport (from 2.6% to 3.5%).
The Bangko Sentral ng Pilipinas earlier said the depreciation of the peso also had an effect on domestic prices.
Year-to-date, average inflation is at 3.5%.
The government is aiming to keep inflation within 2% to 4%. – Rappler.com