Lower prices of fuel, electricity, rice and corn in May helped ease inflation to 4.3 percent in May, well within the government target of 3.5 to 5.5 percent, Acting Socioeconomic Planning Secretary Augusto Santos said.
The National Statistics Office (NSO) released the inflation figures for May last Friday.
Inflation for May was slightly lower than the previous month’s 4.4 percent due to the slower pace of increase in the fuel, light and water (FLW) index, based on a report from the NSO.
Core inflation, which excludes the prices of selected food and energy items, also decelerated to 3.8 percent in May from four percent in April.
Santos noted that electricity billings dropped by 6.5 percent in May as the price of power sourced from Independent Power Producers (IPPs) and the Wholesale Electricity Spot Market (Wesm) decreased.
In particular, Meralco’s generation charge declined by P1.26 per kilowatt hour as electricity brought from IPP and Wesm became cheaper.
“May fuel prices also declined by 0.3 percent compared to April as the weighted average retail price of petroleum products declined by P1.31 per liter from the previous month following the decrease in Dubai crude oil prices from $83.59 per barrel (bbl) in April to $80.18 per bbl in May,” Santos added.
On the other hand, the price of rice decreased by 0.3 percent in May due to the increase in the total rice inventory to 3.32 million metric tons.
“Despite the lower production of palay in the early months of 2010, total palay inventory increased by almost a fifth or 549,000 metric tons,” Santos said.
Additionally, seven out of the 16 regions outside the National Capital Region (NCR) posted negative month-on-month inflation rates for corn in May, resulting in a 0.5 decline in the price of the commodity.
Meanwhile, prices within the NCR went down by 4.6 percent in May from the previous month’s 5.3 percent increase due to adjustments in fuel and electricity prices.
In areas outside NCR, inflation slightly increased to 4.2 percent. –Daily Tribune
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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