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Philippine inflation rate slows down to 6.3 pct in August

MANILA
2022-09-06 11:47

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MANILA, Sept. 6 (Xinhua) -- Year-on-year inflation in the Philippines slowed to 6.3 percent in August from 6.4 percent in July, the Philippine Statistics Authority (PSA) said on Tuesday.

PSA head Dennis Mapa told a news conference that the headline inflation eased in August after five consecutive months of acceleration. With the August inflation, the Philippine average inflation of the first eight months this year stood at 4.9 percent.

Mapa said the slowdown in inflation in August was primarily due to the lower annual increment recorded in the index for transport at 14.6 percent, followed by food and non-alcoholic beverages at 6.3 percent.

On the other hand, Mapa said the inflation rates were higher for alcoholic beverages and tobacco, 9.3 percent; clothing and footwear, 2.8 percent; housing, water, electricity, gas and other fuels, 6.8 percent.

The inflation of food and non-alcoholic beverages was partly offset by the slower inflation of meat, fish, and vegetables.

"This is due to the government's various interventions, including improvements in the local pork production and timely import arrival of pork," Socioeconomic Planning Secretary Arsenio Balisacan said.

Meanwhile, core inflation, which excludes volatile food and energy items in the headline inflation, stood at 4.6 percent in August.
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