July inflation hits 31-month low at 2.4%

July inflation hits 31-month low at 2.4%

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%.
(photo credit to owner)
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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Report from Philstar , July

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