RP May inflation at 9-yr high


Posted at Jun 05 2008 09:42 AM | Updated as of Jun 05 2008 05:42 PM


MANILA - The National Statistics Office confirmed on Thursday that consumer prices rose to a nine-year high of 9.6 percent in May from a year earlier.

Core inflation, which strips out some volatile food and energy items, reached an annual 6.2 percent in May compared to 5.9 percent in April.

The headline number was at the top end of the central bank's forecast range of 8.8-9.6 percent.

Inflation in April was at 8.3 percent from a year earlier. The May number was the highest annual inflation since 10.5 percent in January 1999.

A Reuters poll earlier this week had forecast the May number would come in at 9.1 percent.