Philippines inflation eases to 6.8% in May, but rice and corn prices soar

The Philippines saw a slight easing in inflation for May, dropping to 6.8 percent from 7.2 percent in April. While overall price growth slowed, key staples like rice and corn continued to surge in cost.

Food inflation softened to 5.8 percent in May, down from 6.1 percent the previous month. The decline came as vegetables, fish, and meat saw slower price increases. However, rice and corn prices bucked the trend, with rice inflation climbing to 15.6 percent from 13.7 percent and corn rising to 25.5 percent from 21 percent.

Transport costs also eased, falling to 16.2 percent in May compared to 21.4 percent in April. This slowdown followed a reduction in diesel and gasoline price hikes, helped by government efforts to stabilise transport expenses. Meanwhile, non-food inflation dipped to 7.4 percent from 8.2 percent, though electricity costs rose to 8.9 percent due to higher generation charges and a weaker peso. The year-to-date average inflation now stands at 4.5 percent. Authorities have pledged to maintain measures that protect household spending power and keep prices stable.

Despite the overall slowdown, rising costs for rice, corn, and electricity remain a concern. The government’s ongoing interventions aim to curb further price spikes and support affordability for Filipino families.