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Headline Inflation Cools Further, But Core Pressures Remain Elevated

PHILIPPINES

Philippines headline inflation printed at 6.1% y/y for May, in line with the consensus expectation (forecast range had been 5.8% to 6.4%). We continue to see a slowdown in y/y momentum (we peaked at 8.7% in Jan). The headline m/m was flat, ending a recent run of declines in the m/m print.

  • Core inflation was +7.7% y/y, which was still elevated from an historical standpoint, but down from the March peak of 8.0%.
  • The detail showed a sharp -1.3% m/m in transport costs, which was the main driver of the flat headline result. This offset m/m rises elsewhere.
  • Y/Y held steady and remained elevated for most categories. Trnasport was again the exception, slipping -0.5% y/y, from +2.6% prior.
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