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Philippine inflation unchanged at 1.1 pct in April

Xinhua, May 5, 2016 Adjust font size:

Philippine inflation rate remained at 1.1 percent in April, similar to the previous month, but lower from a year ago's 2.2 percent, the Philippine Statistics Authority (PSA) said Thursday.

The April inflation was below the market expectation of 1.2 percent but within the local central bank's forecast of 0.7-1.5 percent.

From January to April, average inflation stood at 1.1 percent, lower than the 2.3 percent of the same period a year ago.

"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," said Socioeconomic Planning Secretary Emmanuel Esguerra.

But he warned of the upside risks in the medium-term due to a potential recovery in oil prices, El Niño, and the possible occurrence of La Nina in the latter part of 2016.

"To help mitigate the impact of El Nino and prepare for the highly likely occurrence of La Nina, government agencies should coordinate and study various response measures on their possible effect toward agricultural production," said Esguerra. Enditem