Philippines' CPI ascends 0.3% MoM in May 2023: PSA

In particular, the clothing and footwear sector contributed to this inflationary trend, marking faster monthly increments in the seasonally adjusted CPI at 0.4 per cent, up from 0.3 per cent the previous month. The seasonal factors had no effect on the indices of clothing and footwear, along with miscellaneous goods and services, as per the PSA.

Meanwhile, in the National Capital Region (NCR), similar inflationary patterns were recorded. The seasonally adjusted CPI of non-food items saw a rebound in May 2023, growing at 0.2 per cent, a notable shift from a minus 0.1 per cent monthly drop in April 2023.

Moreover, clothing and footwear saw faster monthly increments, up to 0.2 per cent in May from 0.1 per cent in the previous month. Seasonal factors remained insignificant for the indices of non-food; clothing and footwear; recreation, sport, as well as miscellaneous goods.

The trend continued in areas outside the National Capital Region (AONCR). Here, the seasonally adjusted CPI for all items in May 2023 saw a 0.3 per cent monthly increment, reversing a minus 0.1 per cent drop in April 2023. Despite this, the growth rate in the seasonally adjusted CPI for clothing and footwear slowed slightly to 0.4 per cent during May from 0.5 per cent in the previous month. Meanwhile, the non-food index posted a monthly decline of -0.1 per cent in May 2023, contrasting a 0.1 per cent uptick in April 2023. Indices of clothing and footwear and furnishings remained unaffected by seasonal factors.

Fibre2Fashion News Desk (DP)