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Workers inspect an electric meter in Manila on January 11, 2024. Mark Demayo, ABS-CBN News

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Electric Meter Reading

Benise Balaoing

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:900px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/171755220593120240111-electric-meter-reading-MD0075.jpg" style="width:900px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">Workers inspect an electric meter in Manila on January 11, 2024. Mark Demayo, ABS-CBN News</span> </span></span></span></div><div><span dir="ltr" id="isPasted"></span></div><p>MANILA -- Inflation picked up for the fourth straight month in May due to rising electricity and fuel costs, the Philippine Statistics Authority (PSA) said Wednesday.</p><p>The consumer price index reached 3.9 percent, higher than the 3.8 percent recorded in <a href="https://news.abs-cbn.com/business/2024/5/7/inflation-quickens-to-3-8-percent-in-april-833" rel="noreferrer noopener" target="_blank" title="https://news.abs-cbn.com/business/2024/5/7/inflation-quickens-to-3-8-percent-in-april-833">April</a>.</p><div><a href="https://news.abs-cbn.com/business/2024/6/3/meralco-says-another-electricity-hike-possible-in-june-1451">Meralco says another electricity hike possible in June</a><br/><a href="https://news.abs-cbn.com/business/2024/6/4/erc-tells-consumers-higher-electricity-rates-possible-until-july-1623">ERC tells consumers: Higher electricity rates possible until July</a></div><p>But this is still within the Bangko Sentral ng Pilipinas&#x27; (BSP) <a href="https://news.abs-cbn.com/business/2024/5/31/inflation-may-reach-between-3-7-to-4-5-pct-in-may-bsp-1142" rel="noreferrer noopener" target="_blank" title="https://news.abs-cbn.com/business/2024/5/31/inflation-may-reach-between-3-7-to-4-5-pct-in-may-bsp-1142">3.7 to 4.5 percent forecast</a>, and within the government&#x27;s target range of 2 to 4 percent.</p><div><span dir="ltr" id="isPasted"></span></div><p>In a press briefing, the PSA said inflation for housing water, electricity, gas, and other fuels reached 0.9 percent in May, faster than the 0.4 percent seen in April.</p><p>National Statistician Dennis Mapa said that for consuming 120 kWh of electricity, power costs in May averaged P1444.60 in May, higher than the  P1,384.35 average in April.</p><p>The average price of an 11 kg tank of liquefied petroleum gas (LPG) or cooking gas also climbed to P1,404.60 in May from P1,113.18 in April.</p><p>Transport inflation also quickened to 3.5 percent from 2.6 percent the month before.</p><div><a href="https://news.abs-cbn.com/business/2024/6/3/gasoline-prices-down-diesel-prices-up-in-first-week-of-june-1010">Gasoline prices down, diesel prices up in first week of June</a></div><div><a href="https://news.abs-cbn.com/business/2024/6/3/expect-oil-prices-to-swing-weekly-due-to-tight-supply-doe-1801">Expect oil prices to swing weekly due to tight supply: DOE</a></div><div><iframe width="1100" height="619" src="https://www.youtube.com/embed/vN4wo-chX_Y" title="May inflation slightly quickens: PSA | Teleradyo Serbisyo (05 June 2024)" frameBorder="0" allowfullscreen=""></iframe></div><div><span dir="ltr" id="isPasted"></span></div><p>The state statistics bureau, however, noted that food inflation was slower at 6.1 in May, versus 6.3 percent in April.</p><p>Rice inflation also slightly eased from 23.9 percent in April to 23 percent in May.</p><p>Mapa said the average price of regular milled rice reached P51.03 in May, down from the P51.25 in April.</p><p>The cost of well-milled rice went down to P56.06 from P56.42 the month before. The price of special rice decreased to P64.41 from P64.68 a month prior.</p><p>Core inflation, which strips out food and fuel items whose prices can swing wildly, meanwhile slowed to 3.1 percent in May, from 3.2 percent a month earlier.</p><p>Mapa said the placing of the Luzon and Visayas grids on red and yellow alerts could have driven power costs higher.</p><div><a href="https://news.abs-cbn.com/business/2024/6/5/luzon-grid-still-under-yellow-alert-on-wednesday-837">Luzon grid still under yellow alert on Wednesday</a></div><div><span dir="ltr" id="isPasted"></span></div><p>“That’s possible, because of course if you have higher demand, compared to supply, that would trigger some adjustments in the prices upward,” he said.</p><p>The statistician noted, however, that rice prices could fall by P6-7 per kilo because of tariff reductions.</p><p>The National Economic and Development Authority (NEDA) Board has agreed to <a href="https://news.abs-cbn.com/business/2024/6/4/neda-board-to-reduce-rice-tariffs-to-15-pct-from-35-pct-until-2028-1444" rel="noreferrer noopener" target="_blank" title="https://news.abs-cbn.com/business/2024/6/4/neda-board-to-reduce-rice-tariffs-to-15-pct-from-35-pct-until-2028-1444">reduce rice tariffs to 15 percent from 35 percent </a>until 2028, as part of government efforts to make the staple grain more affordable.</p><p>“Yung tariff reduction nation, kasi malaki (The tariff reduction is huge). Yung aming estimate, very quick estimate, on the impact ng price per kilo, all things being the same, from the reduction of the tariff is about P6-7. All things being the same yun ah, very quick computation,” Mapa explained.</p><p>“And that would have impact, a large impact on the inflation for rice and the overall inflation.”</p><p>The NEDA said it would continue to work to curb food and non-food inflation.</p><p>“We will continue to find supply-side solutions to help manage the price increases of other commodities and keep inflation within the target range in the months to come,” Socioeconomic Planning Secretary Arsenio Balisacan said in a statement.</p><div> </div><div> </div><div><br/></div><div><br/></div><div><br/></div><div><br/></div>

<p>Inflation ballooned to 3.9 percent in May, higher than the 3.8 percent recorded in April, the Philippine Statistics Authority said Wednesday. </p>

Inflation ballooned to 3.9 percent in May, higher than the 3.8 percent recorded in April, the Philippine Statistics Authority said Wednesday.

Electricity, fuel costs drive inflation upward in May

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Electricity, fuel costs drive inflation upward in May

Benise Balaoing,

ABS-CBN News

Published Jun 05, 2024 09:11 AM PHT

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Updated Jun 05, 2024 01:01 PM PHT

Read More:

inflation

CPI

consumer price index

presyo ng bilihin

Philippine Statistics Authority

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