Philippines consumer price inflation slowed for the third straight month in May and came in softer than expected, figures from the National Statistical Office showed Friday.
The consumer price index increased 1.6 percent year-over-year in May, slower than the previous month's 2.2 percent increase. Economists expected an annual inflation of 1.9 percent.
Excluding selected food and energy item, core inflation eased to 2.2 percent in May from 2.5 percent in April and 3.1 percent during the same month last year.
The slowdown reflected a slower rate of increase in prices of food and non-alcoholic beverages, which were up 3.2 percent in May compared to a 3.9 percent increase in April. Utility costs dropped 1.5 percent, steeper than the 0.5 percent decline in April.
On a monthly basis, consumer prices edged down 0.1 percent, following the 0.2 percent increase in the previous month. On a seasonally adjusted basis, consumer prices rose 0.1 percent, the same rate of increase in April.
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