PHILIPPINES INFLATION SLOWS DOWN TO 3.7% IN JUNE 2024, PSA

Despite the decreasing inflation, food prices is still on the rice according to PSA (Photo courtesy of Michael Varcas)

After four consecutive months of increasing inflation in the Philippines, the Philippine Statistics Authority (PSA) reported on Friday that the inflation for the month of June decelerated to 3.7 percent. Inflation measures the rate of increase in the prices of goods and services.

According to National Statistician and PSA chief Claire Dennis Mapa said the average rate of inflation so far this year is 3.5%, which is within the 2% to 4% range set by the government. Inflation has been lingering closer to the higher end of this target range for the past few months.

The slow increase on the main source of inflation lowered its rates like housing, electricity, gas, and other fuels (from 0.9% in May to 0.1% in June); transport (from 3.5% to 3.1%); and restaurants and accommodation services (from 5.3% to 5.1%). 

Inflation in the National Capital Region decreased as well, from 3.1% in May to 2.3% in June. In contrast, inflation outside the NCR remained unchanged at 4.1%. While inflation eased on a national level, it inched up for the Philippines’ poorest. The rate for the bottom 30% income households was at 5.5% in June from 5.3% in May.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said, “We are committed to maintaining the country’s inflation rate within our target range of 3 to 4 percent.”

“The easing in our inflation rate in June, mainly due to lower electricity rates, highlights the importance of strengthening our energy sector to sustain our gains,” Balisacan said.

“We will continue to work closely with the government, stakeholders, and other priority sectors to implement necessary measures to ensure that the country will have a sufficient and affordable food supply including rice for every Filipino,” he added.

Source: Philippine Star

Be part of ImHenyo community!

Get featured by sharing your stories, news, and comments

Email us at [email protected]