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Inflation rose for fourth straight month as the rate of increase in prices of goods reached 3.9 percent for May from 3.8 percent in April, the Philippine Statistics Authority (PSA) said Wednesday.

"The 3.9 (percent) of course is the fastest this year but last December 2023, (the inflation was also at) 3.9 percent and then November 2023 is 4.1 percent so this is fastest since November 2023 reading of 4.1 percent," PSA Undersecretary Claire Dennis Mapa said in a press conference.

Food inflation slowed down to 6.1 percent from 6.3 percent in April but rice inflation decreased slightly to 23 percent from 23.9 percent, the National Economic and Development Authority (NEDA) said.

Mapa explained that inflation may increase in the coming months, which mirrored the Bangko Sentral ng Pilipinas which projected inflation to temporarily exceed the government's target of 3 to 4 percent in 2024 due to ''possible impact of adverse weather'' on ''domestic agricultural output.''

"There are risks moving forward that is why we cannot say whether this is the peak but of course the PSA team are continuously monitoring the prices and we;re reporting our commodity prices in the middle of June, by that time we will get an idea whether the food items will also increase or decrease in the months of June," he said.

In a statement, the BSP said "the risks to the inflation outlook continue to lean toward the upside."

"Possible further price pressures are linked mainly to higher transport charges, elevated food prices, higher electricity rates, and increase in global oil prices," it stated.

Mapa said the main source of acceleration of May inflation was the increase in the price of housing, water, electricity, gas and other fuels that reached 0.9 from 0.4 percent in April followed by transport inflation with 3.5 percent in May from 2.6 percent.

Food and non- alcoholic beverage remained a major contributor to May inflation with 5.8 percent inflation and 56.6 share in the overall inflation. Robina Asido/DMS