The inflation rate or movement in the price of goods accelerated to 3.9 percent in May, according to the Philippine Statistics Authority (PSA).
According to PSA's Summary Inflation Report Consumer Price Index, the 3.9 percent inflation rate for May was higher compared to the 3.8 percent inflation rate in April.
This brings the national average inflation from January to May 2024 to 3.5 percent.
While the inflation rate in May 2023 was 6.1 percent, it is still higher compared to the same month of this year.
National statistician Dennis Mapa said the acceleration in the movement of inflation is due to the rapid increase in the price of water, electricity, gas, and other fuels at 0.9 percent during May from 0.4 percent in April 2024.
The Bangko Sentral ng Pilipinas earlier said the depreciation of the peso also had an effect on domestic prices.
In response, the National Economic and Development Authority (NEDA) said that the government is trying to continue implementing reforms to tackle the rapid inflation.
Despite this, the 3.5% year-to-date inflation last month is still within the government's target range of between 2% and 4%.
