Financial News: Philippine Inflation Rises To 4-Month High

Philippine Inflation Rises To 4-Month High

05/07/2024 - 03:51:00 (RTTNews)

(RTTNews) - The Philippines' consumer price inflation rose slightly in April to the highest level in four months, largely driven by increased food costs, data from the Philippine Statistical Authority showed on Tuesday.

The consumer price index, or CPI, climbed 3.8 percent year-over-year in April, after a 3.7 percent rise in March. Economists had forecast inflation to rise to 4.1 percent.

However, inflation remained within the central bank's target range of 2 to 4 percent.

The core inflation rate, which excludes the prices of selected food and energy items, while rose to 3.5 percent from 3.2 percent in March.

The annual price growth for food items accelerated to 6.3 percent in April from 5.7 percent a month ago. Prices for transportation grew at a faster pace of 2.6 percent versus a 2.1 percent rise in March.

On a monthly basis, consumer prices edged down 0.1 percent in April, while prices were expected to rise by 0.2 percent.

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