MANILA, Philippines– The Philippines’ inflation rate jumped to 6.1% in June, the Philippine Statistics Authority announced on Tuesday, July 5.
The last time inflation went up this high was in November 2018. The numbers look even more alarming on a per-region basis.
Inflation in Metro Manila is at 5.6%, lower than the national figure. But inflation outside the capital is at 6.3%.
All regions posted higher inflation rates, with the Cordillera Administrative Region and Central Luzon leading at 7.5%.
National Statistician Dennis Mapa said that the purchasing power of the Philippine peso has declined. He said that P1 in 2018 is now worth just P0.87 in June 2022.
Filipinos may want to consider biking to work, as transport inflation jumped 17.1%. This is due to gasoline and diesel prices jumping by a whopping 53.9% and 92.5%, respectively. (READ: EXPLAINER: How inflation affects you)
As for food in Manila, meat prices posted the highest jump at 9.1% in June from 4.9% in May. Rice and fruit prices deflated by 0.2% and 4.8%, respectively.
Vegetable prices in June are still high at 13.9%, but this is considerably lower than the 20.1% recorded last May.
If you want to drink with friends, prices will remind you about the state of the economy. Alcohol and tobacco prices are up 7.8%.