(1st UPDATE) This is the fourth consecutive increase in the Philippines' inflation rate
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MANILA, Philippines – Inflation picked up for the fourth straight month in May, rising to 3.9% and nearing the upper band of the government target range, the Philippine Statistics Authority reported on Wednesday, June 5., but lower than the 6.1% posted in May 2023. Meanwhile, inflation in areas outside Metro Manila remained at 4.1%, driven by increases in cereals, meat, and ready-made food products.
National Statistician Dennis Mapa said that may reduce prices by up to P7 per kilo, based on their calculations. Actual decreases, however, will still depend on retail prices.
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