2023.06.0608:49:00UTC+00Philippine Inflation Eases To 6.1%, Lowest In 11 Months

The Philippines' consumer price inflation eased for the fourth straight month in May to the lowest level in nearly a year, largely driven by a slowdown in prices for food products along with a fall in transport costs, data from the Philippine Statistical Authority showed on Tuesday.

The consumer price index, or CPI, climbed 6.1 percent year-over-year in May, slower than the 6.6 percent rise in April. Economists had forecast inflation to ease to 6.2 percent.

Moreover, this was the slowest inflation rate since June last year, when prices had risen the same 6.1 percent.

Nonetheless, the inflation was still above the central bank's target range of 2 to 4 percent.

The core inflation rate, which excludes prices of selected food and energy items, slowed marginally to 7.7 percent in May from 7.9 percent in April.

The annual price growth for food and non-alcoholic beverages moderated to a 5-month low of 7.4 percent in May from 7.9 percent a month ago. Meanwhile, utility costs rose at a stable rate of 6.5 percent.

Health costs were 4.1 percent higher compared to last year, and transport charges dropped by 0.5 percent.

On a monthly basis, consumer prices remained flat in May, while they were expected to increase slightly by 0.1 percent.