Malacañang Palace stated on Thursday that it was not worried about the 3.2-percent rise in inflation in May, adding this was still within the range estimated by the Bangko Sentral ng Pilipinas.
Salvador Panelo, the Presidential spokesperson made a statement that there was no cause for alarm over the uptick in inflation, and that it does not indicate a reversal in the inflation slowdown.
“The 3.2-percent inflation rate in May per our economic managers is attributed to a slight increase in [the price of] some agricultural food products as well as housing and utility bills,” Panelo stated.
The Philippine Statistics Authority previously declared the rise in inflation rate from April’s 3 percent.
May’s figure was the first time that inflation rose after six months of slowdown, though it is still lower than May 2018’s 4.6-percent inflation rate.
Panelo concluded that high spending during the campaign period for the May elections and the spike in global fuel prices were beyond their control.