Key facts
- Philippines CPI inflation fell to 6.8% year-over-year in May.
- The May inflation rate was below analyst and central bank forecasts.
- Key drivers of the slowdown included transport, food, and housing costs.
- Seasonally adjusted CPI decreased by 0.6% month-over-month.
Consumer price index inflation in the Philippines slowed to 6.8% on a year-over-year basis in May. This figure came in below the expectations of market analysts and the Bangko Sentral ng Pilipinas (BSP). The deceleration was largely attributed to a slowdown in price increases for transportation, food and non-alcoholic beverages, and housing. On a month-over-month basis, the seasonally adjusted CPI saw a decrease of 0.6%.