May Inflation Rate at 1.6%

Inflation climbed to 1.6% in May from 1.1% last month, but remained steady from the 1.6% of the same month last year. Year-to-date average is at 1.3%, which is below the target range of 2%-4% and the 2.1% forecast for the 2016. The May increase was attributed to election-related spending and agricultural supply constraints caused by the El Nino weather phenomenon…

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