The country’s inflation rate slowed to 6.3 percent in August, according to the latest data released by the Philippine Statistics Authority (PSA).
Data showed inflation slowed compared to July when inflation reached 6.4 percent. However, inflation in August 2022 remained higher than the 4.4 percent posted in August 2021.
PSA data also showed that inflation averaged 4.9 percent in the January to August period.
“The slowdown in inflation at the national level in August 2022 was primarily due to the lower annual increment recorded in the index for transport at 14.6 percent, from 18.1 percent in the previous month,” PSA explained.
“This was followed by food and non-alcoholic beverages whose index declined by 6.3 percent year-on-year, from 6.9 percent in July 2022. The index for information and communication also exhibited lower annual growth at 0.4 percent, from 0.5 percent in July 2022,” it added.
Meanwhile, core inflation, which excludes volatile food and energy items that are in the headline inflation, stood at 4.6 percent in August 2022.
The previous month’s core inflation was lower at 3.9 percent and in August 2021, it was observed at 2.8 percent.
Inflation for food at the national level slid to 6.5 percent during the month, from 7.1 percent in July 2022. In August 2021, it was lower at 5.9 percent.
“The deceleration in food inflation was mainly brought about by vegetables, tubers, plantains, cooking bananas and pulses, which declined annually by 2.7 percent,” PSA said.
“Moreover, annual hikes slowed down in the indices of corn at 26.1 percent; meat and other parts of slaughtered land animals at 9.6 percent; and fish and other seafood at 7.2 percent,” it added.
Inflation in the National Capital Region (NCR) increased to 5.7 percent in August 2022, from 5.1 percent in July 2022. In August 2021, the inflation rate in the area stood at 3.3 percent.
The increase in commodity prices in Areas Outside NCR slowed down to 6.5 percent, from 6.8 percent in July 2022. In August of the previous year, it was lower at 4.8 percent.
Image credits: NonIe Reyes