MANILA – The poorest Filipinos felt a faster rise in prices of goods and services in August, data released by the Philippine Statistics Authority (PSA) showed.
The report said the Philippines’ year-on-year inflation for the bottom 30 percent income households went up by 8 percent for August 2018. This is higher than 7.3 percent posted in July 2018, and the 3 percent registered in August the previous year.
The figure, different from headline inflation posted at 6.4 percent in August, is computed through an adjusted consumer price index (CPI) based on the typical budget of the poorest Filipino households.
All indices of items in the basket of goods also posted higher inflation rates during the month, except for fuel, electricity and water.
Food inflation picked up by 7.8 percent in the same month, a 0.9 increase in the previous month. August 2017 registered a 3-percent food inflation.
PSA also reported inflation went up in all food indices, except for corn which was posted at 3 percent this month.
The poorest Filipinos in the National Capital Region felt inflation hit at 8.3 percent in August 2018, higher than the 4.7 percent recorded in the same period previous year. Food, beverage and tobacco contributed to the uptrend.
Areas outside the capital also experienced 8 percent inflation, higher than the 3 percent in August 2017. The Cagayan Valley felt inflation hit 11 percent in the same period.
The country’s economic managers revised the Philippines’ economic outlook and inflation targets amid swelling inflation.
Earlier, the government targeted a 2 to 4 percent inflation rate for the year, but headline inflation reaching a near-decade high prompted the revisions. (CNN Philippines)
