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Inflation quickens further to 5.4 percent in May

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. Mark Demayo, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/06/07/20220419-oil-rice-hike-md-238.jpg"/><figcaption>Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. <em>Mark Demayo, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA <strong>(UPDATE)</strong> - Inflation further accelerated in May as oil and other commodity prices remained elevated, government data released Tuesday showed.</p><p>The consumer price index rose 5.4 percent for the month, <a href="https://news.abs-cbn.com/business/05/05/22/inflation-quickens-to-49-pct-in-april">faster</a> than the 4.9 percent in April, the Philippine Statistics Authority said.</p><p>The figure is within the Bangko Sentral ng Pilipinas&#x27; projected range of of 5 to 5.8 percent inflation for the month, much higher than the government target range of 2 to 4 percent. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/31/22/inflation-likely-between-5-to-58-percent-in-may-bsp">Inflation likely quickened to 5 to 5.8 percent in May: BSP</a></li></ul><p>Food and non-alcoholic beverages and transport are among the biggest contributors to the month&#x27;s inflation, National Statistician Dennis Mapa said in a press briefing.</p><p><br/>&quot;The inflation outturn is consistent with the BSP’s assessment of continued uptick in inflation as supply-side pressures persist. The inflation path continues to be driven primarily by supply-side factors amid volatile global commodity prices,&quot; BSP Governor Benjamin Diokno said.</p><p>&quot;The latest assessment also indicates that domestic economic activity has gained stronger traction with the easing of mobility restrictions,&quot; he added.</p><p>Inflation is likely to remain elevated in the coming months as the conflict between Russia and Ukraine, which has an impact on global crude oil prices, persists, analysts have said.</p><p>For the whole of 2022, inflation is likely to average 4.6 percent before falling within the target range by 2023, the BSP said.</p><p>The BSP earlier hiked the benchmark interest rate to 2.25 percent from 2 percent for the first time in over 3 years to temper inflation. Another monetary meeting is set on June 23. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/19/22/bsp-hikes-interest-rate-to-225-percent-as-inflation-accelerates">BSP hikes interest rate to 2.25 percent as inflation accelerates</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2066927" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Inflation further accelerated in May as oil and other commodity prices remained elevated, government data released Tuesday showed.