By Alec Go
The movement of goods’ prices slowed down in July as inflation further eased to 4.7%, according to the Philippine Statistics Authority (PSA), a fall from 5.4% in June.
This is the lowest since March 2022 with an inflation rate of 4.0%, said the PSA, adding that it is the sixth consecutive month of deceleration.
The current figure brings the average inflation 6.8%.
Among the main drivers to the downtrends were the slower year-on-year upward movement in the prices of housing, water, electricity, gas and other fuels at 4.5%, as well as slower increase in food and non-alcoholic beverages at 6.3%.
Food and non-alcoholic beverages had the biggest contribution with a 50.0% share; followed by housing, water, electricity, gas and other fuels with 20.2%; and restaurants and accommodation services with 16.0%.
“While we continue to experience a downtrend in inflation, we need to be vigilant, especially as we face increasingly volatile weather disturbances as well as external headwinds such as oil price increases and trade restrictions on food,” Socioeconomic Planning Secretary Arsenio Balisacan said.
“The government will implement necessary measures to prevent price spikes, protect the purchasing power of Filipino families, and sustain our economic recovery and momentum,” he added. – cf
