Overall inflation in Philippines rises to 5.3% in Aug from 4.7% in Jul

06 Sep '23

2 min read

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Insights

The overall inflation in the Philippines rose to 5.3 per cent in August from 4.7 per cent in July.
Core inflation (barring selected food and energy items) decelerated further to 6.1 per cent in August from July's 6.7 per cent.
A higher annual increment was noted in the index of clothing and footwear in the National Capital Region: 2.3 per cent from 2.1 per cent.

The overall inflation in the Philippines increased to 5.3 per cent in August this year from 4.7 per cent in July. This brings the national average inflation from January to August this year to 6.6 per cent, according to the Philippine Statistics Agency (PSA).

In August last year, the inflation rate was higher at 6.3 percent.

The annual growth of transport at 0.2 per cent during the month from an annual decline of minus 4.7 per cent in July contributed to the uptrend.

Furnishings, personal care, and miscellaneous goods and services were among the six commodity groups that showed lower inflation rates during the month.

Core inflation, which excludes selected food and energy items, decelerated further to 6.1 per cent in August from 6.7 per cent in July. This brings the average core inflation from January to August to 7.4 per cent. In August 2022, core inflation was 4.6 per cent.

Inflation in the National Capital Region (NCR) moved at a faster pace in August at 5.9 per cent from 5.6 per cent in July. In August 2022, inflation rate in the zone was 5.7 per cent. A higher annual increment was noted in the index of clothing and footwear in NCR: 2.3 per cent in August from July’s 2.1 per cent.

Fibre2Fashion News Desk (DS)

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