(Updates with NEDA data showing May rate lowest since 1995)
Philippine headline inflation hit its slowest pace in 20 years in May at 1.6 percent, according to the latest figures just announced by the National Economic and Development Authority (NEDA).
The Bangko Sentral ng Pilipinas (BSP) said earlier May’s 1.6 percent rate was the slowest since 1998.
Using 2006 as the current base year, the NEDA said inflation in May covers the monthly inflation series from 1995 to May 2015.
The NEDA figures show the May rate touched the lower end of the central bank’s forecast range of between 1.6 percent and 2.4 percent, as well as analysts’ consensus estimate of 2 percent, 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.