Philippine consumer price inflation slowed unexpectedly in June, after increasing sharply in the previous month, official data revealed Friday.
The consumer price index moved up 4.4 percent year-on-year in June, slower than May's 4.5 percent increase, the National Statistical Office said. Economist had forecast a 4.6 percent rise for June.
Prices of food and non-alcoholic beverages grew by 3.7 percent annually in June and that of clothing and footwear by 3.4 percent.
Excluding selected food and energy items, core inflation stood at 2.8 percent in June. In the previous month, it was 3.1 percent and 2.8 percent during same month a year ago.
On a monthly basis, consumer prices rose 0.4 percent in June, following a 0.5 percent increase seen May. This was the third consecutive monthly increase.
The statistical office also released producer prices for the month of May. Philippine producer prices declined for the first time in three months in May, largely driven by the decline of furniture and fixtures.
The producer price index fell 1.0 percent annually in May, in contrast to a 0.1 percent increase in April.
Prices of furniture and fixtures plunged 18.1 percent yearly in May an that of electrical machinery items by 2.9 percent. At the same time, food manufacturing prices grew by 4.1 percent.
On a monthly basis, producer prices dipped 1.1 percent in May, much faster than April's 0.1 percent drop. This was the second successive decline in producer prices.
