Inflation rises to 2.8 pct in June on higher alcohol, tobacco prices
MANILA, Philippines (Xinhua) - Inflation in June rose 2. 8 percent on year as higher taxes boosted alcohol and tobacco prices, according to data issued today by the National Statistics Office (NSO).
Inflation rose to 2.6 percent in May.
The NSO added that increased transport, recreational and education costs also boosted inflation growth in June. The opening of classes in June, the NSO said, led to tuition hikes and increased prices of consumer items including food and school supplies.
Higher charges in electricity rates and price gains in LPG and selected construction materials also contributed to the uptrend.
Excluding selected food and energy items, core annual inflation continued to slow down as it settled to 2.9 percent growth in June from 3.0 percent in May.
Central Bank Governor Amando Tetangco Jr. said actual June inflation is in line with their forecast and supports monetary officials' view that the country's inflation remains manageable and policy stance appropriate.
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