Inflation eases to 6.3% in August

PSA reports that August headline inflation in the Philippines is 6.3%. This is lower than July's 6.4% but higher than August 2021's 4.4%. Photo: DOF

The Philippine Statistics Authority (PSA) reported that the country's headline inflation rate decreased to 6.3% in August. This is lower than July's inflation rate of 6.4% but higher than August 2021's inflation rate of 4.2%. In addition, the PSA reported that the average inflation rate between January and August of 2022 was 4.9%.

August headline inflation is within the 5.9% to 6.7% range predicted by the Bangko Sentral ng Pilipinas (BSP). 

"The BSP's baseline inflation projections continue to indicate above-target inflation in 2022, with inflation decelerating back to the target in 2023 and 2024 following recent BSP policy rate increases," The BSP said in a press release.

PSA Usec. Dennis Mapa stated that the slow price movements of food and non-alcoholic beverages and transport commodities are the primary contributors to August's deceleration in inflation. 

Transport commodities had an inflation rate of 14.6%, contributing 57.9% to the decline of the overall inflation rate. In contrast, food and non-alcoholic beverages accounted for 6.3% and 41.5% of the overall decline in the inflation rate.

The housing, water, electricity, gas, and other fuels commodity group contributed 6.8% and 23.1% to the overall decline in inflation.

In the meantime, core inflation accelerated to 4.6% in August, excluding volatile food and energy items from the headline inflation rate. This was greater than July's 3.8% and August 2022's 2.8%. 
iTacloban

iTacloban aims to help people by providing the most recent educational content such as online guides, tutorials, news, updates, and digital content from the Philippines and around the world. Email us at itaclobanph@gmail.com for business promotions or partnerships. facebook twitter email

Post a Comment

Previous Post Next Post