PH inflation hits slowest rate since 1998 at 1.6% in May

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Philippine headline inflation hit its slowest pace since 1998 in May at 1.6 percent, touching the lower end of the central bank’s forecast range, with the cost of housing, utilities, fuels and communications sustaining a downward trend.

Growth in consumer prices decelerated from 2.2 percent in April and 4.5 percent in May last year.

The rate for May this year fell below the central bank’s target range of between 1.6 percent and 2.4 percent, as well as analysts’ consensus estimate of 2 percent. MAYVELIN U. CARABALLO

MC/NT

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