Manila, Philippines- The Philippine Statistics Authority (PSA) reports on Wednesday, June 05 that the inflation rate in the Philippines continued to rise rapidly in May 2024.
National Statistician and PSA Chief Claire Dennis Mapa reported that the inflation rate accelerated to 3.9% in May 2024.
The primary cause of this increase is the rapid rise in the prices of housing, water, electricity, gas, and other fuels, particularly electricity and LPG.
The week-by-week increase in the prices of gasoline and diesel, as well as higher fares for ships, also significantly contributed to the inflation movement in May.
Meanwhile, the price of rice has continued to decline for the second consecutive month.
In contrast, the inflation rate for food and non-alcoholic beverages was lower in May compared to April.
Outside Metro Manila, inflation remained steady at 4.1%, the same rate as in April.
The primary drivers of this increase were the prices of cereals and cereal products, meat, and ready-made food and other food products.
The Bangsamoro Autonomous Region in Muslim Mindanao recorded the highest inflation rate outside the NCR for May, while Region 1 (Ilocos Region) had the lowest.
Of the sixteen regions, five recorded rapid inflation increases, eight recorded low inflation rates, and three saw no change in their inflation levels.
READ: INFLATION ANTICIPATES TO ACCELERATE BY 4.5% IN MAY –BSP