MANILA — Philippine annual inflation PHCPI=ECI stood at 6.8% in May, below the previous month’s 7.2% rate, driven mainly by slower increases in food and transport costs, the statistics agency said on Friday.
- The consumer price index was below the 7.5% median forecast in a Reuters poll.
- It was also below the central bank’s projection that annual inflation in May would be within a 7.1% to 7.9% range.
- The average inflation rate in the five months to May was 4.5%, above the central bank’s 2.0% to 4.0% target.
- Core inflation, which excludes volatile food and energy prices, quickened to 4.1% in May from 3.9% in April.
- The Philippine central bank hiked its interest rate by 25 basis points in April to keep a lid on inflation.
- The central bank next meets on June 18 to review policy.
—Reporting by Karen Lema, Mikhail Flores, Nestor Corrales; Editing by John Mair
