(1st UPDATE) The Philippines' overall inflation rises for the third straight month to 3.8% in April. Rice prices ease but remain significantly high.
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The Philippine Statistics Authority on Tuesday, May 7, reported that the national-level inflation rate in April inched up to 3.8%, which is slightly higher than the 3.7% recorded lastIt remains within the government’s target band of 2% to 4%, but marks the third straight month of increasing inflation.The Bangko Sentral ng Pilipinas earlier projected April inflation would settle within the 3.5% to 4.3% range. Apoll of 16 economists yielded a median estimate of 4.1%.
Aside from food and non-alcoholic beverages, the transport index also influenced overall inflation, rising from 2.1% in March to 2.6% in April. Gasoline and diesel both went up.Inflation rate for the bottom 30% income households rose to 5.2% in April, higher than the 4.6% in March. “While this increase remains within the government’s target range, it underscores the need for vigilance,” Balisacan said.
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