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MANILA, Philippines– Pesky inflation continued to torment Filipino households, with the July print rising to 6.4%.
The latest print is higher than most analysts’ estimates of 6.1%.
Inflation in Metro Manila slowed down to 5.1% in July from 5.6% in June. Areas outside the capital posted an inflation rate of 6.8%, up from 6.3% the previous month.
National Statistician Dennis Mapa attributed the slowdown in Metro Manila to lower electricity rates. The Manila Electric Company announced lower rates during the month. Lower global oil prices have tempered some of the price pressures as well.
Inflation on diesel, gasoline, and liquefied petroleum gas is still higher in Metro Manila compared to the regions. But transportation costs are slightly higher outside Metro Manila.
Transport costs have also gone up given the recently approved P2 increase in jeepney fare nationwide.
Bank of the Philippine Islands chief economist Jun Neri said that inflation “will remain a challenge until the first half of 2023.”
“We are still yet to see the peak in inflation near 7% in October should global price pressures from oil, energy and food remain substantial,” Neri said.
Food prices increased at a faster rate. Items with the biggest increase in prices for the month are corn, meat, fish, oils and sugar.
Food prices rose at a faster pace in areas outside Metro Manila, with food inflation rising to 7%, while Metro Manila posted a slower rate of 5.1%.
Since February, meat and fish prices outside Metro Manila posted a steady rise. Vegetable prices fell from 14.4% to 6.1%.
Corn (27.9%), bread (6.3%), dairy products (3.8%) and fruits (4.7%) in the regions also posted higher inflation rates in July. Sugar and other ready-made food products registered inflation rates of 18.3% and 4.7%, respectively. –Rappler.com