Business News
Philippine inflation rate rises to 4.5 per cent in May
Jun 7, 2011, 4:44 GMT
Manila - The Philippines' inflation rate rose to 4.5 per cent in May amid higher prices of utilities and clothing, the government said Tuesday.
The National Statistics Office said the monthly rate was higher than 4.3 per cent in April.
The agency said the annual clothing index inched up to 2.1 per cent in May from 2 per cent in April, while the inflation rate for fuel, electricity and water rose to 8.7 per cent from 6 per cent.
The May index brought to 4.2 per cent the average inflation rate for the first five months of the year. The government targeted the rate for the year to average between 3 per cent and 5 per cent
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