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Market Update: Philippines Food Inflation Slows to 6-Month Low
Food prices in the Philippines increased by 4.6 percent year-on-year in May 2021, easing from a 4.8 percent gain in the prior month. This was the lowest food inflation since November 2020, amid declined in cost of rice (-0.8 percent vs -0.3 percent in April), fruits (-1.1 percent vs 0.3 percent), and vegetables (-6.6 percent vs -2.6 percent). In contrast, inflation was steady for other cereals, flour, cereal preparations (1.8 percent vs 1.8 percent), meat (22.1 percent vs 22.1 percent), and milk, cheese, egg (1.4 percent vs 1.4 percent). At the same time, cost went up further for corn (5.1 percent vs 3.1 percent), fish (7.8 percent vs 6 percent), oils and fats (4 percent vs 3.9 percent), sugar, jam, honey, chocolate & confectionery (0.9 percent vs 0.3 percent), and food products, N.E.C (1.2 percent vs 0.5 percent). source: Phillipine Statistics Authority [/s2If]
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