Inflation slowed for the fifth straight month in June, data from the Philippine Statistics Authority (PSA) showed Wednesday.

The PSA said inflation eased further to 5.4% in June from 6.1% in May. It was the lowest rate since June 2022’s 6.1%.

The government attributed the slowdown to a deceleration in food inflation (from 7.5% in May to 6.7% in June) and non-food inflation (from 5% in May to 4.1% in June).

“We are making progress in managing inflation and we can expect that it will decline to within 2-4% by the end of the year. The government remains committed to protecting the purchasing power of the Filipino people by ensuring food security, reducing transport and logistics costs, and lowering energy costs for Filipino households” said National Economic and Development Authority Secretary Arsenio Balisacan.

“Meanwhile, the Inter-Agency Committee on Inflation and Market Outlook will continue to take proactive steps to address the main causes of inflation. This is particularly important considering the impending El Niño, which poses risks to food supply and prices,” he added.