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Financial News: Philippine Inflation Highest Since January 2019

Philippine Inflation Highest Since January 2019

05/05/2022 - 07:16:00 (RTTNews)

(RTTNews) - Philippine consumer price inflation accelerated sharply for the second straight month in April to the highest level since January 2019, mainly driven by higher costs for food & beverages, transport and utilities, data from the Philippine Statistical Authority showed on Thursday.

The consumer price index climbed 4.9 percent year-on-year in April, faster than a 4.0 percent rise in March. A year ago, inflation was 4.1 percent.

Prices for food and non-alcoholic beverages increased 3.8 percent annually in April. Transport cost surged 13.0 percent and those of utilities grew 6.9 percent.

The food price index rose at a faster pace of 4.0 percent yearly in April, following a 2.8 percent increase in the prior month.

On a monthly basis, consumer prices rose 0.8 percent in April.

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