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Philippines Inflation At 5-Month High

The Philippines' inflation increased to the highest level in five months in March, data from the Philippine Statistics Authority showed on Tuesday.

The consumer price index grew 4.0 percent annually in March, following a 3.0 percent rise in both February and January.

Economists had expected a 3.2 percent rise. A similar higher rate of inflation was seen in October last year.

The statistical office attributed to an annual increase in food and non-alcoholic beverages at 2.6 percent in March. Prices for housing, water, electricity, gas, and other fuels, and transport rose by 6.2 percent and 10.3 percent, respectively.

Prices for alcoholic beverages and tobacco grew 4.8 percent and those of furnishings, household equipment and routine household maintenance increased 2.6 percent. Prices for restaurants and accommodation services, and information and communication rose 3.0 percent and 0.7 percent, respectively.

On a monthly basis, consumer prices grew a seasonally adjusted 1.0 percent in March, after a 0.3 percent rise in the previous month.

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