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MANILA, Philippines – Philippine inflation surprised on the downside in May as transport and food costs finally began to ease three months into the energy crisis triggered by the Middle East war.
Consumer prices slowed to 6.8 percent from 7.2 percent in April, the Philippine Statistics Authority reported on Friday. This marks the first time inflation has gone down since the start of the year.
The latest reading fell below the central bank’s 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
