PSA records highest inflation rate since December 2018

The PSA attributed the acceleration to higher annual growths in the food and non-alcoholic beverages index (4.9 percent) and transport index (14.6 percent). (File Photo by ja ma/Unsplash)

MANILA – The Philippine Statistics Authority (PSA) recorded an increase in inflation rate to 5.4 percent this month from 4.9 percent in April.

It was the highest recorded inflation since December 2018, the PSA said in a report posted on Tuesday.

“In May of the previous year, inflation was lower at 4.1 percent,” the report said.

The PSA attributed the acceleration to higher annual growths in the food and non-alcoholic beverages index (4.9 percent) and transport index (14.6 percent).

“Alcoholic beverages and tobacco (6.8 percent); clothing and footwear (2.1 percent); recreation, sport, and culture, (1.7 percent); and personal care, and miscellaneous goods and services (2.5 percent) also contributed to the upward trend of the headline inflation,” it noted.

Inflation rates were lower for housing, water, electricity, gas, and other fuels (6.5 percent); and furnishing, household equipment, and routine household maintenance (2.5 percent).

inflation for food at the national level increased to 5.2 percent from 4.0 percent in April 2022.

Food inflation was lower at 3.7 percent in May 2021.

“The rest of the commodity groups retained their previous month’s inflation rates,” the PSA said.

Inflation in the National Capital Region likewise rose to 4.7 percent from 4.4 percent in April 2022 and areas outside the region similarly saw an increase at 5.5 percent from 5.1 percent last month.