Philippines inflation remains steady in May
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. ■