The rate of increase in consumer prices remained steady for second consecutive month in May as indices of food and transport rose at a much slower pace, the Philippine Statistics Authority (PSA) reported Friday, June 4.

The country’s headline inflation last month remained at 4.5 percent, the same level in April and March 2021. However, the latest Inflation figure is higher compared with 2.1 percent in the same month last year.

The May Inflation rate also brought the first five-month average to 4.4 percent, still above the government's target of 2.0 percent to 4.0 percent.

"There were mixed movements in the annual growth rates in the indices of the commodity groups in May 2021," the PSA said.

Meanwhile, inflation decelerated further in the indices of food and non-alcoholic beverages at 4.6 percent, while alcoholic beverages and tobacco settled at 11.8 percent.

Likewise, the double-digit annual hike in the index of transport slowed down to 16.5 percent during the month.

Excluding selected food and energy items, core inflation in May was posted at 3.3 percent, which was the same annual rate recorded in the previous month.

At the country level, inflation for food index eased further to 4.9 percent in May from 5.0 percent in the previous month.

In May last year, inflation for food index was noted at 2.9 percent.