Consumer prices rise faster in April

Rappler.com
The country's inflation rate picks up in April as food and electricity prices continue to increase

MANILA, Philippines – Consumer prices rose at a faster pace in April compared to the previous month, with food and power recording higher increases.

Data from the National Statistics Office (NSO) showed annual inflation was 3% in April, higher than March’s 2.6%. In April last year, inflation stood at 4.7%.

“Higher prices of the items in the heavily-weighted food group particularly corn, fish, processed and canned meat, processed eggs, milk, selected fruits and sugar were noted in many regions including NCR (National Capital Region). This primarily pushed up the country’s inflation,” the NSO noted.

Except for communication and education, other commodity groups also saw higher price increases, according to NSO.

“Upward adjustments in land transport fares and charges for electricity rates were also observed in selected regions including NCR,” it said.

Inflation refers to the rise in the cost to the average consumer of acquiring a basket of basic goods and services.

Inflation in the first quarter averaged 3%, the low end of the central bank’s inflation target of 3% to 5% for this year. – Rappler.com