By Alec Go
Inflation in the Philippines accelerated to a new high of 6.4% in July 2022, up from the 6.1% in June 2022 and the highest since October 2018, according to the Philippine Statistics Authority (PSA).
Based on the latest PSA report, the year-to-date inflation rate stands at 4.7%.
The upward trend was mainly attributed to higher annual growth at 6.9% in the index for food and non-alcoholic beverages and transport at 18.1%.
Also factored in were the higher annual increments in certain commodity groups including clothing, household equipment, sports and recreation, restaurants and accommodation, and personal care services.
Food inflation also rose to 7.1% in July from 6.4% in the previous month, with fish and seafood inflation increasing to 9.2%, meat at 9.9%, and sugar products at 17.6%.
“On the other hand, the annual mark-up in the indices of housing, water, electricity, gas and other fuels; and health decreased to 5.7 percent and 2.4 percent, respectively,” the PSA noted.
The indices of information and communication, education services, and financial services, all maintained their inflation rates from their previous month’s rates,” it added.
For Metro Manila, the inflation decelerated to 5.1% from 5.6% in June. This is due to lower increases in housing, water, electricity, gas and other fuels index at 3.6%.
Areas outside NCR also posted an increase in inflation at 6.8%.
