A woman arranges vegetables in a market stall in Quezon City, Metro Manila, May 23, 2018. Dondi Tawatao, Reuters

MANILA - Consumer prices likely rose 4.9 percent in May from the previous year, the Department of Finance said Sunday.

Compared to the previous month, however, inflation slowed at 0.3 percent, from 0.5 percent in the March to April period, the DOF said.

Inflation reached 4.5 percent in April, breaching the government's target. The Bangko Sentral ng Pilipinas' think tank had predicted May inflation at 4.6 percent to 5.4 percent.

"Inflation may appear to be rising year-on-year but it is actually decelerating as the month-on-month inflation continues to drop," the DOF said.

The Philippine Statistics Authority will release May inflation data on Tuesday.

The DOF said there could be a a "meaningful drop" in prices if food supply problems are addressed, adding imposing tariffs on rice would help lower prices.

Prices of vegetables, rice and fish likely rose 1.4 percent, 0.52 percent and 0.72 percent in May, slower than the previous months, the DOF said.

Power, gas and fuel prices likely declined 1.1 percent month-on-month while transport costs like rose, the DOF said.