Power, fuel and transport costs drive inflation up

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Consumer prices rose for four consecutive months in May, driven by spikes in electricity, fuel, and transportation costs, according to the Philippine Statistics Authority .

A faster annual growth for the transport index was also recorded in May at 3.5 percent from 2.6 percent the previous month. “The inflation outturn is consistent with the BSP expectations that inflation could temporarily accelerate above the target range over the near term due to adverse weather conditions on domestic agricultural output and positive base effects,” BSP said.

Meanwhile, the National Economic and Development Authority Secretary Arsenio M. Balisacan said the government will continue to implement lasting policy reforms to ensure we address the drivers of food and non-food inflation sustainably. Although still elevated, rice inflation decreased slightly to 23.0 percent for the month from 23.9 percent in April. The May inflation report recorded a zero-percent inflation rate for fish and other seafood from 0.4 percent the previous year.

Balisacan further stressed that one of the Marcos Administration’s priorities is to raise productivity so that the country can sustainably reduce food prices and shield our consumers and economy from the price volatility of food commodities in the global market.

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MlaStandard /  🏆 20. in PH

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