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Philippines' May inflation highest in 12 months

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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.

[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

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