Inflation rate cooled down for the fourth consecutive month in May, thanks to slower movements in transport and food prices, the Philippine Statistics Authority (PSA) reported on Tuesday. READ:
At a virtual press conference, National Statistician and PSA chief Claire Dennis Mapa reported that inflation — the rate of increase in the prices of goods and services — slowed down to 6.1% last month from 6.6% in April, bringing the year-to-date rate to 7.5%.
"Ang pangunahing dahilan ng pagbagal ng antas ng inflation nitong Mayo 2023 kaysa noong Abril 2023 ay ang mas mabagal na paggalaw ng presyo ng Transport," Mapa said.The Transport index saw a -0.5% inflation rate, down from 2.6% month-on-month and a 55.3% share in the overall decline in May. The third commodity group that contributed to the overall decline was Restaurants and Accommodation Services with 8.3% inflation rate from 8.6% and a 5.7% share to the downtrend.
Tracking the the national trend, inflation in the National Capital Region slowed down to 6.5% from 7.1% in April.Mapa said that the for the second straight month all regions outside NCR recorded slower inflation rates in May, with Cordillera Administrative Region remaining as the region with the lowest inflation for the third consecutive month at 3.9%, while MIMAROPA Region recorded the highest inflation at 7.
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