May inflation rises to 3.9%, highest in five months

MANILA — The Philippines’ headline inflation went up to its highest in five months in May due to faster increases in the cost of housing, utilities, gas and other fuels, and transportation, the Philippine Statistics Authority (PSA) said on Wednesday.

Preliminary data from the agency showed the consumer price index rose by 3.9 percent year on year in May, faster than the 3.8 percent in April, but slower than the 6.1 percent in May 2023.

This is within the 3.7-4.5 percent forecast of the Bangko Sentral ng Pilipinas (BSP) for the month.

READ: Analysts peg 2024 inflation at 3.7%, within target band

This also marked the sixth straight month that inflation settled within the BSP’s 2-4 percent target range for the year.

The May inflation print brought the national average for the first five months of the year to 3.5 percent.

According to the PSA, food inflation at the national level slowed to 6.1 percent in May from 6.3 percent in April 2024. In May last year, food inflation was 7.5 percent.

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