But NCR inflation up to 5.7 percent in August, from 5.1 percent in July 2022
(Eagle News) – After five straight months of acceleration, headline inflation in the Philippines eased to 6.3 percent in August 2022, according to the Philippine Statistics Authority (PSA).
The PSA explained the slowdown in inflation at the national level in August 2022 was primarily due to lower annual increment in the index for transport, food and non-alcoholic beverages, and information and communication.
In the index for transport, the annual increment was recorded at “14.6 percent, from 18.1 percent in the previous month.”
Aside from transport, the index for food and non-alcoholic beverages also declined by 6.3 percent year-on-year. In July 2022, the index for this was
at 6.9 percent.
“The index for information and communication also exhibited lower annual growth at 0.4 percent, from 0.5 percent in July 2022,” the PSA report said.
But inflation rates were higher for the following commodity groups during August:
a. Alcoholic beverages and tobacco, 9.3 percent;
b. Clothing and footwear, 2.8 percent;
c. Housing, water, electricity, gas and other fuels, 6.8 percent;
d. Furnishings, household equipment, and routine household maintenance, 3.4 percent;
e. Health, 2.5 percent;
f. Recreation, sport and culture, 2.4 percent;
g. Education services, 3.8 percent;
h. Restaurants and accommodation services, 4.2 percent; and
i. Personal care, and miscellaneous goods and services, 3.3 percent.
“With this month’s inflation, the Philippine’s average inflation from January to August 2022 stood at 4.9 percent. In August 2021, inflation rate was posted at 4.4 percent,” said National Statistician Undersecretary Dennis Mapa Ph.D. who is also the country’s Civil Registrar General.
-Inflation for food prices slows down at national level-
He said 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. 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,” Mapa said.
On the other hand, the following food groups exhibited faster annual growth during the month:
a. Rice, 2.2 percent;
b. Flour, bread and other bakery products, pasta products, and other cereals, 8.0 percent;
c. Milk, other dairy products and eggs, 6.5 percent;
d. Oils and fats, 19.6 percent;
e. Fruits and nuts, 3.9 percent;
f. Sugar, confectionery and desserts, 26.0 percent; and
g. Ready-made food and other food products N.E.C., 5.8 percent.
-Factors for higher inflation in NCR –
The situation is different in Metro Manila or the National Capital Region (NCR) where inflation increased to 5.7 percent in August, from 5.1 percent in July 2022.
The higher inflation in NCR last August was due to the higher annual increment or increase in prices in the restaurants and accommodation services index at 5.7 percent, from 3.0 percent in the previous month.
Higher annual hikes were also observed in the indices of the following commodity groups during the month:
a. Alcoholic beverages and tobacco, 7.8 percent;
b. Housing, water, electricity, gas and other fuels, 4.6 percent
c. Furnishings, household equipment and routine household maintenance, 3.3 percent;
d. Education services, 8.1 percent; and
e. Personal care, and miscellaneous goods and services, 2.3 percent
Outside Metro Manila, inflation slowed down to 6.5 percent, from 6.8 percent in July 2022.
(Eagle News Service)