Philippines' inflation accelerates to 2.7 per cent in July


  • Philippines
  • Wednesday, 05 Aug 2020

MANILA (Xinhua): The Philippines' headline inflation further accelerated to 2.7 per cent in July 2020, the Philippine Statistics Authority (PSA) said on Wednesday (Aug 5).

"This brings the year-to-date inflation for 2020 at 2.5 per cent," PSA head Dennis Mapa said in a virtual media briefing.

In June 2020, inflation was posted at 2.5 per cent and in July 2019,2.4 per cent.

"The acceleration in the overall inflation was mainly caused by the jump in the inflation of the transport index at 6.3 per cent during the month, from 2.4 per cent in June 2020," Mapa added.

Mapa said annual increments were also higher in the indices of commodity groups such as alcoholic beverages and tobacco at 19.3 per cent; in housing, water, electricity, gas, and other fuels, 0.8 per cent; and in restaurant and miscellaneous goods and services, 2.5 per cent.

Meanwhile, inflation for the food index at the national level continued to decelerate as it posted 2.5 per cent in July 2020, from 2.7 per cent in the previous month.

In July 2019, food inflation was registered at 1.7 per cent.

Similarly, Mapa said core inflation went up further to 3.3 per cent in July 2020 from 3.0 per cent in the previous month and 3.2 per cent in July a year ago.

Latest BSP baseline forecasts indicate that inflation could settle at 2.3 per cent which is at the lower end of the national government's target range of 2.0 to 4.0 per cent for 2020 and 2021.

The Asian Development Bank (ADB) forecasts Philippines' inflation rate at 2.2 per cent in 2020 and 2.4 per cent in 2021.

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Philippines , inflation , rate , July , 2020

   

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