Philippine commodity prices registered an increase of 2.9 percent in May, according to figures released by the National Statistics Office on Tuesday.

The statistics office noted that the increase is lower than the 4.9 percent registered a year ago.

The government attributed the lower May inflation rate to slower annual increases in the cost of housing, water, electricity, gas, transport and education.

The inflation for May was also slightly lower than the 3 percent posted in April.

"The series of price rollbacks in liquefied petroleum gas (LPG), kerosene, gasoline, and diesel in most regions including the National Capital Region resulted to a slower national monthly price increment in consumer items," the statistics office said.

The agency noted that food prices were also stable due to ample supply.

Year-to-date inflation was pegged at 3 percent.