Philippines' May inflation highest in 12 months
[MANILA] Philippine annual inflation accelerated in May to the highest in a year due to price increases in eight out of 11 commodity groups including food, the statistics agency said on Tuesday.
The consumer price index rose 1.6 per cent in May from a year earlier, picking up from 1.1 per cent in April, but well within the central bank's projection of 1.1-1.9 per cent for the month.
Economists polled by Reuters had expected inflation to pick up to a five-month high of 1.4 per cent.
Core inflation, which strips out volatile food and fuel items, quickened to 1.6 per cent from 1.5 per cent in April, while consumer prices rose 0.3 per cent from the previous month.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
UK exits recession with fastest growth in nearly three years
Europe’s rush for rate cuts shifts global market power away from US
China’s push for greener aluminium hit by erratic rains, power cuts
Saudi crown prince to visit Japan
JPMorgan says India index inclusion on track, clients ready
Japan’s consumer spending extends declines as outlook weakens