Philippine Inflation Rises To 1.4%

(RTTNews) - The Philippines' consumer price inflation increased for the first time in five months in June, though slightly, data from the Philippine Statistical Authority showed on Friday.

The consumer price index, or CPI, climbed 1.4 percent year-over-year in June, faster than the 1.3 percent rise in May. Economists had forecast inflation to rise to 1.5 percent.

However, inflation remained within the central bank's target range of 2 to 4 percent.

The core inflation rate, which excludes the prices of selected food and energy items, held steady at 2.2 percent.

The annual price growth for utilities accelerated to 3.2 percent in June from 2.3 percent a month ago. The decline in transportation charges eased to 1.6 percent in June from 2.4 percent, which also contributed to the upward trend in inflation. Meanwhile, food inflation softened to 0.1 percent from 0.7 percent.

On a monthly basis, consumer prices edged up 0.2 percent in June.