RTTNews - Consumer prices in the Philippines rose 3.3% year-on-year in May, much slower than a 4.8% rise in the previous month, the National Statistics Office said Friday. The statistical office said this was the lowest inflation rate since November 2007. Economists expected prices to increase 3.7%.

At the same time, the core inflation, which excludes selected food and energy items, eased to 4.4% in May from 5% in April.

On a monthly basis, consumer prices dropped by 0.1% in May, following a 0.5% increase in the preceding month. Economists expected a price rise of 0.5%.

During the first five months of the year, the consumer price index was up 5.7% from the corresponding period in the previous year. Core inflation was also 5.7% in this period.

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