PH Inflation hits new high in May

INFLATION further accelerated in May, hitting a fresh high of 4.6 percent, but was still below the consensus forecasts provided by government and private analysts.

The Philippine Statistics Authority (PSA) on Tuesday said the increase in consumer prices picked up pace last month from April’s 4.5 percent and the 2.9 percent recorded a year earlier.

The May inflation was lower than the Department of Finance’s estimate of 4.9 percent, and settled at the lower end of the Bangko Sentral ng Pilipinas’ forecast range of 4.6-5.4 percent.

For the first five months of the year, inflation averaged 4.1 percent, surpassing the official 2.0-4.0 percent full-year target range.

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