Inflation in the Philippines may have exceeded the government’s target in May, the Bangko Sentral ng Pilipinas (BSP) reports.
The BSP estimates last month’s inflation rate to have settled between 3.7-4.5% compared to 3.8% in April.
The price increases have been staying within 2-4% for five straight months.
The central bank says there were “continued increases” in electricity rates and vegetable prices amid the El Niño weather phenomenon. A weak peso has further fueled inflation by making imports of consumer and capital goods more expensive.
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