June 2024 inflation eased to 3.7 percent

The country’s inflation rate has slightly eased to 3.7 percent in June, the Philippine Statistics Authority (PSA) said Monday, July 8, 2024.
The country’s inflation rate has slightly eased to 3.7 percent in June, the Philippine Statistics Authority (PSA) said Monday, July 8, 2024. (Pixabay Photo)

THE country’s inflation rate has slightly eased to 3.7 percent in June, the Philippine Statistics Authority (PSA) said Monday, July 8, 2024.

In a statement, the PSA said the decrease in the overall inflation for June, from 3.9 percent in May 2024, was primarily due to the slower annual increment of housing, water, electricity, gas, and other fuels as well as transport and restaurants and accommodation services.

The 3.7 percent inflation in June has brought the national average inflation in the first half of the year to 3.5 percent.

The top commodity groups that contributed to the headline inflation were food and non-alcoholic beverages with 61.9 percent share or 2.3 percentage points; restaurants and accommodation services with 13.2 percent share of .5 percentage points and transport with 7.5 percent share or .3 percentage points.

“The index of food and non-alcoholic beverages exhibited a higher annual increase of 6.1 percent during the month from an annual increment of 5.8 percent in May 2024,” the PSA said.

The main driver for the upward trend of food inflation for the said month which went up to 6.5 percent from 6.1 percent in May 2024, was the faster year-on-year increase in vegetables, tubers, plantains, cooking bananas and pulses index at 7.2 percent from 2.7 percent during the month prior.

The rate of increase on the index of meat and other parts of slaughtered land animals also contributed to the uptrend with an inflation rate of 3.1 percent during the month from 1.6 percent in May 2024.

The indices of corn, fruits and nuts and ready-made-food and other food products not elsewhere classified also recorded a faster annual increment while slower annual decline on oils and fats at 3.0 percent.

Slower annual growth rates on the other hand were recorded on the indices of rice; flour, bread, and other bakery and pasta products and other cereals; and milk and other dairy products and eggs.

“The index of fish and other seafood recorded an annual decline of 1.4 percent in June 2024 from zero percent annual rate in the previous month, while faster annual decrease of 3.0 percent was observed in sugar, confectionery, and desserts index during the month from a 2.8 percent year-on-year drop in May 2024,” the PSA said.

Meanwhile, lower annual increments were noted in the indices of alcoholic beverages and tobacco, 3.8 percent from 4.2 percent; clothing and footwear, 3.2 percent from 3.4 percent; furnishings, household equipment and routine household maintenance, 2.8 percent from 3.1 percent; and personal care, and miscellaneous goods and services, 3.2 percent from 3.4 percent.

The inflation rate in NCR went down to 2.3 percent in June 2024 from 3.1 percent during the month prior.

In areas outside Metro Manila, the inflation rate remained at 4,1 percent.

The PSA said nine regions outside NCR exhibited higher inflation rates with the Bangsamoro Autonomous Region in Muslim Mindanao remaining with the highest inflation for the fifth consecutive month at 5.3 percent in June 2024.

Ilocos Region on the other hand remained as the region with the lowest inflation rate for the sixth consecutive month at 2.8 percent. (TPM/SunStar Philippines)

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