• PH consumer prices rise highest in 13 months

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    Consumer prices in the Philippines rose half-a-percentage point in May to 1.6 percent from 1.1 percent in April.

    The price rise was particularly notable for food items, including beverages, and clothing, according to data released Tuesday by the Philippine Statistics Authority (PSA).

    The latest increase, which equaled the rate recorded a year earlier, was the highest rate posted since the 2.2 percent recorded in April last year.

    The May figure exceeded the 1.4 percent estimate by the Department of Finance, but was within the 1.1 percent to 1.9 percent forecast by the Bangko Sentral ng Pilipinas (BSP), and at the higher end of the 1.3 to 1.7 percent analysts polled by The Manila Times had projected.

    Core inflation, which excludes more volatile food and energy prices, also rose to 1.6 percent from 1.5 percent in April. Core inflation in May 2015 was 2.2 percent.

    Inflation for the first five months of 2016 averaged 1.3 percent, well below the 2 to 4 percent BSP target for this year.

    MC/VN

     

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