The Philippines’ inflation rate slowed for the first time in three months, easing to 6.8 percent in May from 7.2 percent in April, as transport and food price increases moderated, according to the Philippine Statistics Authority.

The latest figure brought average inflation for the first five months of 2026 to 4.5 percent, although it remained significantly higher than the 1.3 percent recorded in May last year.

The deceleration was largely driven by slower growth in transport costs, which rose 16.2 percent in May compared with 21.4 percent a month earlier. Lower inflation was also recorded for food and non-alcoholic beverages at 5.7 percent from 6.0 percent, and for housing, water, electricity, gas and other fuels at 7.8 percent from 8.2 percent.

Despite the easing trend, food, housing and transport remained the biggest contributors to overall inflation, accounting for nearly four-fifths of the headline rate.