May inflation climbs to 5.4%
Inflation in May surged to 5.4 percent from 4.9 percent in April, the Philippine Statistics Authority (PSA) said Tuesday.
It was the third straight month that inflation has risen in the country.
Bangko Sentral ng Pilipinas Governor Ben Diokno said in his Twitter account the data ''is consistent with the BSP's assessment of continued uptick in inflation as supply-side pressures persist.''
''Inflation is projected to settle above the government's target range of 3 percent plus and minus 1 percentage point for 2022 and average near the upper band of the target range for 2023,'' he added.
''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,'' the PSA said.
It added that the following commodity groups also contributed to the increase in May inflation: alcoholic beverages and tobacco, 6.8 percent; clothing and footwear, 2.1 percent; recreation, sport and culture, 1.7 and personal care, and miscellaneous goods and services, 2.5 percent.
Inflation for food at the national level increased to 5.2 percent from 4 percent in April 2022. In May 2021, food inflation was lower at 3.7 percent.
This ''was primarily influenced by the double-digit annual growths in the vegetables, tubers, plantains, cooking bananas and pulses index at 15.2 percent, and oils and fats index at 13.6 percent,'' said PSA.
The BSP, in a statement, said '' balance of risks to the inflation outlook now leans toward the upside for both 2022 and 2023.''
''The upside pressures emanate from the potential impact of higher oil prices, including on transport fares, as well as the continued shortage in domestic pork and fish supply. Meanwhile, downside risks are linked mainly to the potential impact of a weaker-than-expected global economic recovery,'' the BSP added. DMS
