Philippines inflation eases to 5-month low in April

The Philippines' annual inflation eased to a five-month low of 2.2% in April, down from 2.5% in March.

This slowdown was primarily driven by a further decrease in the transport index, which saw its lowest inflation rate since October 2015.

The April inflation rate fell within the Bangko Sentral ng Pilipinas' (BSP) forecast range of 1.9%-2.7%.

Year-to-date inflation settled at 2.6%, remaining within the government's 2-4% target band.

Core inflation also decelerated to 2.8% in April from 3.0% in March.

BSP Governor Benjamin Diokno had previously projected inflation to average 2% this year and 2.5% next year, expecting a U-shaped economic recovery in 2021.