The country’s headline inflation further decelerated to a five-month low of 2.2 percent in April from 2.5 percent the month before on the back of lower oil prices, the Philippine Statistics Authority (PSA) reported on Tuesday. In contrast, the heavily weighted food and non-alcoholic beverages index had a higher annual increment of 3.4 percent. Food groups with higher annual growth rates in the month were fruits; vegetables; food products not elsewhere classified, such as ginger and calamansi; oils and fats; and milk, cheese and eggs. Core inflation, which excludes selected food and energy items also eased to 2.8 percent in April from 3.0 percent a month earlier and 3.4 percent year-on-year. Year-to-date, headline inflation settled at 2.6 percent, well within the 2- to 4-percent target of the Bangko Sentral ng Pilipinas.

Source: Manila Times May 05, 2020 18:56 UTC