Inflation rate surged to 5.4 percent in May, the fastest in 42 months, from 4.9 percent in April, on higher prices of food and transportation, the Philippine Statistics Authority said Tuesday.
“This was the highest recorded inflation since December 2018. In May of the previous year, inflation was lower at 4.1 percent,” the PSA said in its Consumer Price Index report.
“The acceleration in the country’s inflation rate in May 2022 was primarily due to the higher annual growths in the food and non-alcoholic beverages index at 4.9 percent and transport index at 14.6 percent,” it said.
Alcoholic beverages and tobacco registered a price increase of 6.8 percent; clothing and footwear, 2.1 percent; recreation, sport and culture, 1.7; personal care and miscellaneous goods and services, 2.5 percent; 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 in May from 4.0 percent in April. The uptick was influenced by the double-digit annual growths in prices of vegetables, tubers, plantains, cooking bananas and pulses at 15.2 percent, and oils and fats at 13.6 percent.
Higher annual price increments were also recorded in flour, bread and other bakery products, pasta products and other cereals, with 4.8 percent; meat and other parts of slaughtered land animals, 5.4 percent; fish and other seafood, 6.2 percent; milk, other dairy products and eggs, 1.5 percent; sugar, confectionery and desserts, 8.7 percent; and ready-made food and other food products, 3.5 percent.
The indices for rice and corn posted annual increases of 1.5 percent and 24.4 percent, respectively.