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Inflation Decelerates to 3.0 Percent in April

05.07.2019

Headline inflation slowed down to 3.0 percent year-on-year in April 2019 from 3.3 percent in the previous month. The resulting year-to-date average of 3.6 percent is within the Government’s inflation target range of 3.0 percent ± 1.0 percentage point for the year. Core inflation—which excludes selected volatile food and energy items to measure underlying price pressures—has also decelerated to 3.4 percent in April from 3.5 percent in March. Meanwhile, month-on-month seasonally-adjusted headline inflation rose to 0.2 percent in April 2019 from  0.1 percent in the previous month.

Year-on-year inflation for both food and non-food items decelerated in April 2019. Slower price increases of key food commodities particularly rice, meat, fish, and sugar as well as the continued decline in corn prices on a year-on-year basis contributed to the deceleration in food inflation. Likewise, non-food inflation eased further as higher transport inflation driven by rising international oil prices, was counterbalanced by lower inflation for health, clothing and footwear as well as restaurants and miscellaneous goods and services.

The  latest  inflation  outturn is  consistent  with  the BSP’s expectations that inflation will settle within the Government’s 2-4 percent target range for  2019  and  2020. The  BSP will continue to  keep  a  close  watch  over  price  developments  and  will consider  all  relevant  information  at  its  next  monetary  policy  meeting  on  9  May 2019  to  ensure  that  the  monetary  policy  stance  remains  consistent  with  the  BSP’s price stability objective.

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