Inflation remained steady at 1.1 percent in April, on lower prices of food and utility, the Philippine Statistics Authority said Thursday.
Preliminary data from PSA showed inflation stood at 1.1 percent, unchanged from March but slower than 2.2 percent recorded in April last year.
The figure brought average inflation in the first four months to 1.1 percent, lower than 2.3 percent posted in the same period last year and below Bangko Sentral’s target of 2 percent to 4 percent for 2016.
“Price movements for major commodity groups remained unchanged, while the slight price increases in some commodities were offset by downward price adjustments in others,” said Economic Planning Secretary Emmanuel Esguerra.
Excluding selected food and energy items, core inflation settled at 1.5 percent, slower than 2.5 percent posted in April last year.
“This supports favorable demand prospects and is broadly in line with the expectation of brisker operations during the election period and anticipated pick-up in the economic activity during the summer season,” Esguerra said.
