(Eagle News)–The Philippines’ inflation rate slowed to 5.4 percent in June, the Philippine Statistics Authority said.
According to the PSA, this is the fifth consecutive month of deceleration in the country’s headline inflation.
The average inflation rate for the first semester of 2023 stood at 7.2 percent.
The PSA said the downtrend of the overall inflation was primarily influenced by the slower annual increase in the heavily-weighted food and beverages category, pegged at 6.7 percent, from the recorded 7.4 percent in the previous month.
“The faster annual decrease in transport at -3.1 percent during the month from -0.5 percent in May 2023 also contributed to the downtrend of the overall inflation,” the PSA said.
According to the PSA, the housing, water, electricity, gas and other fuels category was the third main source of deceleration.
The PSA said slower annual increments were also noted in the indices of the following commodity groups:
a. Tobacco and others – 11.6 percent from 12.3 percent;
b. Furnishing, household equipment and routine household maintenance – 6.0 percent from 6.2 percent;
c. Health – 3.9 percent from 4.1 percent;
d. Recreation, sport and culture – 4.8 percent from 4.9 percent; and
e. Restaurants and accommodation services- 8.2 percent from 8.3 percent.
PSA statistics showed food inflation at the national level continued to decelerate for the fifth consecutive month.
It was at 6.7 percent in June.