June 05, 2013

Inflation remained weak at 2.6% in May

The annual inflation rate stayed at 2.6% in May, the same as that in April. This brought the average for the first five months of the year to 3%, the National Statistics Office reported on Wednesday. Economic Planning Secretary Arsenio Balisacan said the annual rate of increase in food prices slightly accelerated in May, but this was offset by the slowdown in the price increases of other commodity prices.

Data from the NSO showed that the inflation rate for food and non-alcoholic beverages stood at 2.4% in May from 2.2% in April. Similarly, inflation for housing and utilities accelerated to 1.5% from 1.2%. On the other hand, price increases for alcoholic beverages, tobacco and narcotics slowed down to 31.1% from 31.4%; clothing and footwear to 3.5% from 4.2%; furnishings, household equipment and routine house maintenance to 3.7% from 4%; health products and services to 2.7% from 3.1%; communications to 0.1% from 0.3%; recreation and culture to 1.7% from 1.8%; and restaurants, miscellaneous goods and other services to 2.3% from 2.7%. - WealthSec