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MANILA, Philippines – The country’s inflation eased to 6.8 percent in May from 7.2 percent in April as transport and food prices softened amid the Middle East conflict-driven energy crisis, the Philippine Statistics Authority (PSA) reported on Friday.
The latest reading fell below the Bangko Sentral ng Pilipinas’ 7.1 to 7.9 percent forecast for the month and was also lower than the 7.7 percent median estimate of 12 economists polled by the Inquirer.
READ: BSP sees May inflation at 7.1%-7.9% on food, peso pressures
Despite the slowdown, inflation remained well above the government’s 2 to 4 percent target range and stayed near its highest levels in more than three years.
