The Philippine Statistics Authority (PSA) on Friday reported an inflation rate of 6.4 percent for July 2022, the highest since October 2018.
According to the PSA, the increase in the country’s inflation was mainly brought about by the higher annual increase in the index for food and non-alcoholic beverages, which went from 6 percent in June to 6.9 percent in July, and transport, which increased from 16.1 percent to 17.1 percent.
Higher inflation was also observed in alcoholic beverages and tobacco (8.5 percent); clothing and footwear (2.5 percent); furnishings, household equipment and routine household maintenance (3.1 percent), recreation, sport and culture (2.2 percent); restaurants and accommodation services (3.4 percent) and personal care, and miscellaneous goods and services (2.8 percent).
Slower annual increments were observed in the indices of housing, water, electricity, gas and other fuels (5.7 percent) and health (2.4 percent).
The PSA said food inflation also increased to 7.1 percent in July 2022 from 6.4 percent in June 2022.
The Palace said the government had expected the increase in inflation.
“I understand that these were projected even before, given the inputs due to the international events that have led to the increase in the prices of petroleum. So all of these had been factored and in fact, was even mentioned in the State of the Nation of the president,” Press Secretary Trixie Cruz-Angeles said. John Ezekiel J. Hirro