Friday, 5 June 2009

Philippine May inflation down to 3.3%, 18-month low

Benjamin V. Buco, Jr.
BusinessWorld
http://www.bworldonline.com/BW060509/breakingnews.php
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THE RISE in consumer prices eased further in May to 3.3% from 4.8% the previous month as the costs of all commodity items fell, the National Statistics Office (NSO) reported Friday.

Core inflation, which excluded volatile food and energy items, also slowed down to just 4.4% from the previous month's 5%. The May inflation figure for the month was within the central bank forecast of 3.3% to 4.2%. The annual inflation in May 2008 settled at 9.5%.

The NSO traced inflation's sustained downtrend to falling costs of food, oil and other commodity items.

"The decline in the price of meat along with the slowdowns in the price increments of other commodity groups also contributed to the downtrend," the statistics agency said in a statement.

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