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Philippines inflation remains steady in May

Christian Fernsby |
Consumer prices increased a seasonally-adjusted 0.08% in May over the previous month, swinging from April's 0.08% drop.

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May’s upturn was largely driven by higher prices for housing and utilities and transportation.

Inflation was stable at April's 4.5% in May. Meanwhile, annual average inflation ticked up to 3.5% in May (April: 3.3%). Lastly, core inflation was steady, coming in at April's 3.3% in May.

FocusEconomics Consensus Forecast panelists expect inflation to average 4.2% in 2021, which is unchanged from last month’s forecast, and to average 3.0% in 2022.

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