The Philippines obtained the slowest inflation in July since January 2017. Philippine Statistics Authority (PSA) revealed that July inflation slowed down to 2.4 percent.
“The downtrend was primarily brought about by the slower annual rate posted in the index of the heavily-weighted food and non-alcoholic beverages at 1.9 percent,” PSA reported.
Other slower indices are the following commodities such as Alcoholic beverages and tobacco; 8.8%;Housing, water; electricity, gas, and other fuels; 2.2%;Furnishing, household equipment and routine maintenance of the house, 2.9%; Health, 3.2%; and Transport, 0.7%.
Annual rate of food index continuously declined by 1.7 from 2.6 from the previous month. Specifically, rice index dropped by 2.9.
Moreover, inflation in July 2018 was recorded at 5.7 percent.
Respectively, index of clothing and footwear grew by 2.7 percent in July.
“The annual growth of education index accelerated by 4.2 percent, compared with its previous month’s annual rate of -4.5 percent,” report mentioned.
Among the regions, Region VII (Central Visayas) at 1.1 percent, recorded the lowest inflation within the month while the highest remained in MIMAROPA Region at 4.9 percent.
Inflation rate in National Capital Region (NCR) continues to drop as well by 2.3.
PSA recorded that inflation rates of nine regions have decelerated within the month.