Inflation for June 2022 hits three-year high of 6.1 percent — PSA

INQUIRER.net stock image

MANILA, Philippines — The country’s headline inflation rate in June 2022 was at 6.1 percent according to the Philippine Statistics Authority (PSA) — a three-year high since November 2018’s 6.1 percent and October 2018’s 6.9 percent.

According to PSA’s report published on Tuesday, inflation figures for June 2022 were higher than the 5.4 percent recorded in May 2022, and compared to June 2021’s 3.7 percent.

PSA said that the higher inflation rate was brought by higher annual growth rate in the prices of food and non-alcoholic beverages which saw a 6.0 percent rise from just 4.9 percent in May 2022.

Transportation costs meanwhile rose from 14.6 percent in May 2022 to 17.1 percent in June.

“The uptrend of inflation for June 2022 was primarily brought about by the higher annual growth rate in the index for food and non-alcoholic beverages at 6.0 percent, from 4.9 percent in the previous month. This was followed by transport whose index grew by 17.1 percent annually, from 14.6 percent in May 2022,” PSA said.

Inflation for raw food items also rose dramatically, like fruits and nuts food products which ballooned to 1.1 percent compared to May 2022’s -2.4 percent.

“Meanwhile, inflation for food at the national level rose further to 6.4 percent in June 2022, from 5.2 percent in May 2022. In June 2021, food inflation was lower at 3.9 percent.  The acceleration in the food inflation was primarily influenced by the higher annual growth in the meat and other parts of slaughtered land animals index at 8.1 percent,” PSA noted.

“Also contributing to the uptrend in the food inflation was fruits and nuts food group which registered an inflation rate of 1.1 percent, from -2.4 percent in the previous month,” it added.

RELATED STORY:

May inflation rate heats up to 42-month high of 5.4%

JPV

Read Next

Don’t miss out on the latest news and information.

For feedback, complaints, or inquiries, contact us.