Inflation in July accelerated to a 45-month high of 6.4 percent from 6.1 percent in June, driven by faster increases in the prices of food and non-alcoholic beverages and higher transport fares, the Philippine Statistics Authority said Friday.
The July outturn was faster than 3.7 percent registered in July 2021. Average inflation in the first seven months also reached 4.7 percent, above the 2022 target range of 2 percent to 4 percent.
“The Philippine’s annual headline inflation continued its uptrend as it moved up further to 6.4 percent in July 2022, from 6.1 percent in June 2022. This is the highest recorded inflation since October 2018 [of 6.9 percent]…,” national statistician and civil registrar general Dennis Mapa said in an online briefing.
Mapa said the main source of the rising inflation was the food and non-alcoholic beverage index which rose 6.9 percent in July, up from 6.0 percent June. Transport index registered 18.1-percent annual growth, also faster than 17.1 percent in June.