The cost of local goods and services for the month of May showed little to no change at all as inflation was recorded at 4.5 percent, similar with what was recorded month-ago.
Data from the Philippine Statistics Authority show that the latest print brings year-to-data average to 4.4 percent, notably higher than the posted 2.5 percent in the first five months last year.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno expressed his satisfaction with the development, noting on such to remain within their expected range.
“The latest outturn is consistent with expectations that inflation could remain above the high-end of the target range during the quarter as meat and oil prices remain elevated,” Diokno explained.
“Nonetheless, the BSP expects inflation to decelerate to within the target range by the second half of 2021 to 2022 as domestic supply bottlenecks are addressed,” he added.
To recall, the state’s top economic managers decided to keep their 2 to 4 percent inflation target for the year.