On the economic front, the country’s
registered inflation rate for the month of June has just been released.
Good news for the country as inflation
has eased to 2.4% in July, National Statistician Dennis Mapa said in a press
briefing.
This was lower than the 2.7% recorded
in June and the lowest recorded since January 2017. "It was the same
rate observed in July 2017," Mapa said, adding inflation in July 2018 was
at 5.7%.
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The
July rate brings year-to-date inflation to 3.3%, well within the state’s 2%-4%
annual target.
According to government records
the top contributor to the overall inflation was Food and Non-Alcoholic
Beverages with a 31.6-percent share of inflation. Within that commodity group,
meat had inflation of 3.5% and a 37.4-percent share, followed by fish at 3.8%
and a 37.3-percent share.
Slower
price growth was also recorded in housing, water, electricity, gas and other
fuel.
31
month low
The country’s inflation rate is was the
lowest inflation recorded since January 2017, and was the same rate observed in
July 2017.
This
brings the year-to-date inflation for 2019 to 3.3 percent.
“Our
expectation is that it will continue to go down or at least stabilize at this
number in the coming months,” Philippine Statistics Authority (PSA)
Undersecretary Claire Dennis Mapa said.
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