The July headline inflation, or rate of increase in average prices of goods and services typically being bought by consumers, was the fastest since the 4.9 percent recorded in October last year, but lower than the 4.7 percent in July last year.
While the latest inflation print is within the Bangko Sentral ng Pilipinas' four to 4.8 percent forecast for the month, it breached the government's two to four percent target for the year.
National Statistician Dennis Mapa said in a press conference yesterday that the uptrend in overall inflation was due to the higher growth posted by the housing, water, electricity, gas and other fuels commodity group at 2.3 percent in July from 0.1 percent in June.
Also cited as a major driver of the acceleration was the food and non-alcoholic beverages commodity group, which rose to 6.4 percent in July from 6.1 percent in June.
Food inflation picked up to 6.7 percent in July from 6.5 percent in June. This was due mainly to the faster uptick in meat and other parts of slaughtered land animals at 4.8 percent from the previous month's 3.1 percent, and in fruits and nuts to 8.4 percent from 5.6 percent in the prior month.
Rice inflation slowed to 20.9 percent in July from June's 22.5 percent.
Mapa said average rice prices declined in July from the previous month, although the reductions were not that substantial.
He said the average price of regular milled rice decreased to P50.90 per kilogram in July from P51.10 per kg in June.
This story is from the August 07, 2024 edition of The Philippine Star.
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This story is from the August 07, 2024 edition of The Philippine Star.
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