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
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
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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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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