In a press briefing yesterday, National Statistician Dennis Mapa said headline inflation – the rate of increase in the average prices of consumer goods and services commonly purchased by households – slowed to 3.7 percent in June from 3.9 percent in May and 5.4 percent in June 2023.
The latest inflation print is the slowest in four months or since the 3.4 percent in February this year.
It is also within the Bangko Sentral ng Pilipinas (BSP)‘s forecast range of 3.4 to 4.2 percent for the month.
The PSA attributed the downtrend in overall inflation to the slower increase in housing, water, electricity, gas and other fuels commodity group, at 0.1 percent in June from 0.9 percent in the previous month.
This developed as electricity posted a sharper deflation at -13.7 percent in June from -8.5 percent in May.
Also contributing to the lower June inflation was the transport commodity group, which went up at a slower pace of 3.1 percent in June from 3.5 percent in May.
The restaurants and accommodation services commodity group was cited as another main driver of the lower inflation as it registered a slower uptick of 5.1 percent in June from 5.3 percent in the previous month. While overall inflation eased in June,
This story is from the July 06, 2024 edition of The Philippine Star.
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This story is from the July 06, 2024 edition of The Philippine Star.
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