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Financial News: Philippines Inflation Rises First Time In 5 Months

Philippines Inflation Rises First Time In 5 Months

07/07/2020 - 02:32:00 (RTTNews)

(RTTNews) - Philippines' inflation accelerated for the first time in five months in June, data from the Philippine Statistics Authority showed on Tuesday.

The headline inflation rose to 2.5 percent in June from 2.1 percent in May. A similar rate of inflation was seen in March.

Headline inflation had eased in each month since February.

The latest inflation was mainly driven by a rise in the transport index by 2.3 percent.

Prices of alcoholic beverages and tobacco increased the most by 18.5 percent. Prices for housing, water, electricity, gas, and other fuels, and communication cost rose by 0.4 percent, each.

Excluding selected food and energy items, core inflation was 3.0 percent in June versus 2.9 percent in the previous month.

The year-to-date headline inflation was 2.5 percent and the core rate came in at 3.0 percent.

On a monthly basis, consumer prices increased 0.4 percent in June, following a 0.3 percent rise in the prior month.

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