MANILA – Consumer prices in the Philippines were up 5.7 percent in July, the fastest inflation rate in at least five years, the Philippine Statistics Authority revealed Tuesday.
“The uptrend was mainly due to the 7.1-percent annual rate recorded in food and non-alcoholic beverages index,” the statistics office noted.
“Compared with their annual rates in June 2018, all the food groups posted higher annual increments in July 2018 except for the indices of corn and fruits,” it said.
The latest data is nearly twice as fast as 2.4 percent in July 2017, and an acceleration from the 5.2 percent registered in June 2018.
This is also the seventh straight month that inflation accelerated, or since the 4.0 percent registered in January.
Inflation in the National Capital Region (NCR) was faster at 6.5 percent in July, following 5.8 percent in June and 2.9 percent in July 2017.
Faster annual mark-ups
Annual increases were noted in alcoholic beverages and tobacco (21.9 percent); transport (8.9 percent); and housing, water, electricity, gas, and other fuels (8.2 percent).
Price increases were also recorded in food and non-alcoholic beverages (7.2 percent); health (4.5 percent); clothing and footwear (2.4 percent); recreation and culture (1.1 percent); and communication (0.6 percent).
“The rest of the commodity groups either moved up at a slower pace or retained their previous month’s rate,” the PSA said.
Areas outside NCR posted an inflation rate of 5.5 percent, higher than the 5.1 percent in June and the 2.2 percent in July 2017.
“Faster annual mark-ups were recorded in all the commodity groups, except for the indices of recreation and culture, and education,” said the PSA.
The latest figures brought year-to-date inflation rate to 4.5 percent, faster than the government’s target range of 2 to 4 percent.
The Bangko Sentral ng Pilipinas (BSP) has forecasted inflation to clock in at 4.5 percent for the full-year 2018. (GMA News)
