Philippines says May annual inflation at 4.6%
[MANILA] Philippine annual inflation quickened in May but at a slower pace than expected, the country's statistics agency said on Tuesday.
The consumer price index rose 4.6 per cent from a year earlier, slightly faster than the April reading of 4.5 per cent and at the lower end of the central bank's forecast of 4.6-5.4 per cent. That was slower than the median forecast of 4.9 per cent in a Reuters' poll of economists.
That was the fastest pace of increase in at least five years.
The Philippine Statistics Authority, which has shifted to a new base year in computing inflation, is yet to release updated figures for the years before 2013. Core inflation, which strips out volatile food and fuel items, was 3.6 per cent.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Fed officials mull if rates are high enough as inflation expectations jump
US bill to restrict WuXi AppTec, Chinese biotechs revised to give more time to cut ties
UN General Assembly backs Palestinian bid for membership
US chip workers are likely to quit jobs, worsening labour shortage
India's industrial output up 4.9% year-on-year in March
Pandemic treaty talks end without agreed text, next step up for debate