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Philippine inflation soars to fresh high of 5.7 pct in July
2018/8/7 15:48:50 Source:Xinhua

MANILA, Aug. 7 (Xinhua) -- Headline inflation in the Philippines continued to accelerate for the seventh month hitting a fresh high of 5.7 percent in July due to sustained elevated prices of food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) said on Tuesday.

The latest data is an acceleration from the 5.2 percent registered in June and almost twice as fast as the 2.4 percent recorded in July 2017. Inflation registered 4.0 percent in January.

"The uptrend was mainly due to the 7.1 percent annual rate recorded in food and non-alcoholic beverages index. Nine out of 11 commodity divisions registered higher annual upticks during the month," the PSA said in a statement.

Contributing to the uptrend were the higher annual increases noted in the indices of the following commodity groups, including food and non-alcoholic beverages at 7.2 percent; alcoholic beverages and tobacco at 21.9 percent; clothing and footwear at 2.4 percent; and housing, water, electricity, gas, and other fuels at 8.2 percent, the PSA said.

The PSA said inflation in Philippine capital Metro Manila also moved faster at 6.5 percent in July. Inflation in June was posted at 5.8 percent and in July 2017, 2.9 percent in capital area.

In areas outside Metro Manila, the PSA said inflation also went up by 5.5 percent in July. In the previous month, it said inflation was observed at 5.1 percent and in July 2017, 2.2 percent.

The latest figures bring the year-to-date inflation rate at 4.5 percent, faster than the government target range of 2 to 4 percent.

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