Philippines consumer price inflation slowed for the fourth straight month in June and came in softer than expected, figures from the National Statistical Office showed Tuesday.
The consumer price index increased 1.2 percent year-over-year in June, slower than the previous month’s 1.6 percent increase. Economists expected inflation to fall to 1.5 percent. Education costs rose 3.7 percent, much slower than the 5.1 percent rise in May.
Excluding selected food and energy item, core inflation eased to 2.0 percent in June from 2.2 percent in May and 2.8 percent during the same month last year.
The slowdown in the headline inflation reflected a slower rate of increase in prices of food and non-alcoholic beverages, which were up 2.1 percent in June compared to a 3.2 percent increase in May. Meanwhile, utility costs dropped 1.3 percent, faster than a 1.5 percent decline in May.
On a monthly basis, consumer prices edged up 0.1 percent, reversing a 0.1 percent decline in the previous month. However, on a seasonally adjusted basis, consumer prices were down 0.1 percent, reversing the 0.1 percent increase in May.
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