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August inflation eases to 6.3%

QUEZON CITY, (PIA) –  The Philippine Statistics Authority (PSA) reported that headline inflation in the Philippines for the month of August eases to 6.3%. This is lower than the 6.4% inflation rate recorded in July but higher than the 4.4% inflation rate in August 2021. The PSA also reported that the average inflation rate from January to August 2022 is at 4.9%.

August headline inflation is within Bangko Sentral ng Pilipinas’ (BSP) forecast inflation range of 5.9% to 6.7%. “The BSP’s baseline projections continue to indicate above-target inflation in 2022, with inflation decelerating back to the target in 2023 and 2024 following the recent BSP policy rate hikes.” The BSP wrote in a press release.

PSA Usec. Dennis Mapa said the main sources in the deceleration of August inflation are the slow price movement of transport commodities as well as food and non-alcoholic beverages. Transport commodities recorded 14.6% inflation rate and 57.9% share to the overall downtrend of inflation rate. Meanwhile, food and non-alcoholic beverages recorded 6.3% and 41.5% share on the overall downtrend of inflation rate.

The second commodity group which contributed to the deceleration of inflation rate is housing, water, electricity, gas, and other fuels with 6.8% and 23.1% share on the overall downtrend of inflation.

Meanwhile, core inflation accelerated to 4.6% in August, this excludes volatile food and energy items that are in the headline inflation. This was higher than 3.8% in July and 2.8% in August 2022. (SBB/PIA-PMD)

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Suzzane Bautista

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