Tuesday, September 21, 2021

July inflation eases to 4%

THE country’s inflation in July slowed to four percent, the Philippine Statistics Authority said Thursday, Aug. 5, 2021.

June inflation was at 4.1 percent, bringing the average inflation rate so far to 4.4 percent. July 2020 inflation stood at 2.7 percent.

The recent figure is slower than the Bangko Sentral ng Pilipinas’ 4.3 percent point inflation forecast and dwells within its 3.9-4.7 percent target range.

The main source of the downward trend of the July 2021 inflation was the lower annual increment registered in the transport index at seven percent, from 9.6 percent in the previous month.

Contributing also to the downward trend in the overall inflation were the slower annual increases on the following commodity groups--alcoholic beverages and tobacco (10.2 percent), furnishing, household equipment and routine household maintenance (2.3 percent) and restaurant and miscellaneous goods and services (3.6 percent).

On the other hand, inflation rates were higher in food and non-alcoholic beverages (4.9 percent), clothing and footwear (1.7 percent), housing, water, electricity, gas and other fuels (2.6 percent), health (3.1 percent) and communication (0.3 percent).

Inflation for food at the national level was higher at 5.1 percent in July 2021, from 4.9 percent in the previous month. In July 2020, inflation for food was at 2.5 percent.

Inflation in the National Capital Region stood at 3.2 percent in July, steady from June’s rate.

Inflation in areas outside the NCR (AONCR) eased further to 4.3 percent in July 2021, from 4.4 percent in June 2021.

Six regions in AONCR exhibited lower inflation during the month.

The lowest inflation among the regions was recorded in Central Visayas and Bangsamoro Autonomous Region in Muslim Mindanao at two percent while Cagayan Valley had the highest inflation of 6.9 percent. (KOC)


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