By Gabriela Baron
The country’s inflation rate slowed down to 6.1% in May from 6.6% in April, according to the Philippine Statistics Authority (PSA).
This is the fourth consecutive month of the slowdown and the lowest year-to-year inflation rate since July 2022, bringing the year-to-date average inflation to 7.5%.
Department of Budget and Management (DBM) Secretary Amenah Pangandaman welcomed the development and expressed her optimism that the country would continue to see a continuous inflation rate decline.
“This is a positive development. The economic team expects that the decline in our country’s inflation rate shall continue to decline. Our kababayans can be assured that we will remain steadfast in implementing strategies to keep the inflation rate well within target,” Pangandaman said.
“This goes to show that the economic strategies of the administration of President Bongbong Marcos is on the right track. Our whole-of-government approach is working,” she added.
PSA attributed the downward trend to lower transport, food, and non-alcoholic beverages prices.
The third main source of inflation decline were restaurants and accommodation services.
-ag
