Consumer prices nationwide surged 6.4% in July 2022 on the back of more expensive food, transportation, and restaurant costs, according to the Philippine Statistics Authority (PSA).
PSA said this is the highest recorded inflation since October 2018. With this month’s inflation, the Philippines’ average inflation from January to July 2022 stood at 4.7 percent. In July 2021, inflation rate was lower at 3.7 percent.
The data showed the index for food and non-alcoholic beverages at 6.9 percent from 6 percent in the previous month. Transport index followed with 18.1 percent annual growth, from 17.1 percent in June 2022.
“At the national level, food inflation increased further to 7.1 percent in July 2022, from 6.4 percent in June 2022. Food inflation was lower in July 2021 at 4.2 percent,” the PSA said.
Inflation in the National Capital Region (NCR), however, slowed down to 5.1 percent in July 2022 from 5.6 percent in June 2022. In July 2021, the inflation rate in Metro Manila stood at 2.9 percent.
The deceleration of inflation in NCR for the month of July was brought about by the 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.
The data also showed inflation in Areas Outside NCR (AONCR) continued to move at a higher rate of 6.8 percent in July 2022.
In the previous month, inflation rate stood at 6.3 percent and in July of the previous year, it was lower at 3.9 percent.
Image credits: Nonie Reyes