MANILA, Philippines — Filipinos continue to bear the brunt of increasing basic commodity prices following the higher 4.4 percent inflation rate in July, the Philippine Statistics Authority (PSA) said Tuesday.
This is 0.7 higher compared to the 3.7 percent June inflation rate reported last month.
The July 2024 inflation rate, however, is slightly lower compared to the 4.7 percent July 2023 inflation rate, the PSA said.
At a press briefing, national statistician Dennis Mapa said that the inflation went up in July 2024 mainly because the cost of housing, water, electricity, gas, and other fuels increased by 2.3 percent, compared to just 0.1 percent in June 2024.
“It accounts for the 70.4 percent of the overall inflation increase in the country,” he said in Filipino
The prices of food and non-alcoholic drinks also rose by 6.4 percent in July, up from 6.1 percent in June, which also contributed to the higher inflation, he said.
According to the PSA report, higher inflation rates in July were also seen in the transport and education services sectors. Transport costs increased by 3.6 percent, up from 3.1 percent in June, and education services rose by 5.8 percent, compared to 3.8 percent the previous month.
Uptick in food inflation
National food inflation rose to 6.7 percent in July 2024, up from 6.5 percent in June 2024. In July 2023, it was 6.3 percent, it said.
This rise in food inflation in July 2024 was mainly due to a 4.8 percent increase in the cost of meat and other animal products, compared to 3.1 percent in June. Additionally, the price of fruits and nuts increased by 8.4 percent in July, up from 5.6 percent in June.
The prices of certain food groups increased more quickly in July particularly corn which went up by 17.5 percent, compared to 13.1 percent in June, followed by milk, other dairy products, and eggs rose by 1.8 percent, up from 1.3 percent, and ready-made food and other unspecified food products increased by 6.0 percent, slightly higher than the 5.9 percent in June.
“Food inflation shared 54.3 percent or 2.4 percentage points to the overall inflation in July 2024,” Mapa said.
Increased inflation in the metro
The inflation rate in the National Capital Region (NCR) increased to 3.7 percent in July 2024, up from 2.3 percent in June 2024.
In July 2023, it was 5.6 percent.
The main reason for the higher inflation rate in NCR, according to Mapa, was the “significant rise” in the cost of housing, water, electricity, gas, and other fuels, which increased by 3.3 percent in July after a 1.7 percent decrease in June 2024.
