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Inflation for low-income households rises in May

June 25, 2019

INFLATION for low-income households jumped to a three-month high of 4.6 percent in May on the back of higher food prices, the Philippines Statistics Authority (PSA) announced on Monday.

The figure represented an increase from the 16-month low of 4.3 percent posted in April, and is the highest since February’s 5.0 percent.

Year to date, inflation for this income group averaged 4.9 percent.

“Contributing to the uptrend were the higher annual rates observed in the indices of food, beverages and tobacco at 4.8 percent; clothing, 3.2 percent; and miscellaneous, 2.5 percent,” the PSA said.

It noted, however, that the indices of housing and repairs; and fuel, light and water recorded slower annual increases of 4.1 percent and 3.9 percent, respectively.

The services index retained its previous month’s annual rate of 3.7 percent.

In the National Capital Region, inflation for these households hit 2.6 percent in May — the same rate recorded in the previous month — and dropped from 6.3 percent a year earlier.

Outside Metro Manila, inflation for such households was said to have also hit 4.6 percent last month. Previously, it hit 4.3 percent in April and 6.5 percent in May 2018.

Earlier, the agency reported that the country’s headline inflation rose to 3.2 percent in May from April’s 3 percent.

Credit belongs to : www.manilatimes.net


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