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Financial News: Philippine Inflation Highest Since November 2018

Philippine Inflation Highest Since November 2018

06/07/2022 - 03:30:00 (RTTNews)

(RTTNews) - Philippine consumer price inflation accelerated further in May to reach its highest level in three-and-a-half years, mainly due to higher transport and food and beverage costs, data from the Philippine Statistical Authority showed on Tuesday.

Consumer prices climbed 5.4 percent year-over-year in May, faster than the 4.9 percent rise in April.

Moreover, this was the strongest inflation rate since November 2018, when prices had grown 6.1 percent.

Transport costs alone surged 14.6 percent in May and prices for food and non-alcoholic beverages registered an increase of 4.9 percent. Utility costs were 6.5 percent higher compared to a year ago.

On a monthly basis, consumer prices went up 0.4 percent in May.

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