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Inflation rate ticked up to 3.9 percent in May 2024 from 3.8 percent in April 2024, the Philippine Statistics Authority said Wednesday.
The National Economic and Development Authority said the government is continuously stepping up efforts against persistent inflation drivers following the slight rise in headline inflation. The slowdown of food inflation for the month was primarily due to the slower increase in the prices of vegetables, tubers, plantains and cooking bananas to 2.7 percent in May from 4.3 percent in April.
Balisacan said the NEDA Board approved the extension until 2028 of the reduced tariff rates on corn, pork, and mechanically deboned meat under Executive Order No. 50, s. 2023.
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