July inflation hits 6.4%, highest since Oct. 2018
Inflation for the month of July jumped to 6.4 percent from 6.1 percent in June, the Philippine Statistics Agency (PSA) said Friday.
This is the highest recorded inflation since October 2018, the PSA said.
Average inflation from January to July is now at 4.7 percent.
The main factor of the July inflation was the higher annual growth rate in the index for food and non-alcoholic beverages at 6.9 percent, from 6.0 percent in the previous month.
The transport index followed with 18.1 percent annual growth, from 17.1 percent in June.
Also contributing to the uptrend in the overall inflation during the period were alcoholic beverages and tobacco, 8.5 percent; clothing and footwear, 2.5 percent; furnishings, household equipment and routine household maintenance, 3.1 percent; recreation, sport and culture, 2.2 percent; restaurants and accommodation services, 3.4 percent; and personal care, and miscellaneous goods and services, 2.8 percent.
Food inflation increased further to 7.1 percent from 6.4 percent in June 2022. Food inflation was lower in July 2021 at 4.2 percent.
By food group, the increase in the inflation for fish and other seafood at 9.2 percent; meat and other parts of slaughtered land animals at 9.9 percent; and sugar, confectionery and desserts at 17.6 percent contributed largely to the acceleration in the food inflation during the month.
Inflation in NCR slowed down to 5.1 percent from 5.6 percent in June. In July 2021, inflation rate in the area stood at 2.9 percent
This was due to lower annual increase in the housing, water, electricity, gas and other fuels index at 3.6 percent, from 5.9 percent in the previous month.
inflation in areas outside NCR rose to 6.8 percent. In June, inflation rate stood at 6.3 percent and in July of the previous year, it was lower at 3.9 percent. PSA
