Metro Manila (CNN Philippines) — For a fourth consecutive month, inflation has dropped to a two-decade low.
The Philippine Statistics Authority (PSA) revealed on Friday (September 4) that headline inflation slowed to an annualized 0.6 percent last August, from July’s 0.8 percent and August 2014’s 4.9 percent. This figure subsequently brings the year-to-date rate to 1.7 percent.
On a month-on-month basis, Metro Manila experienced slight deflation — a decrease in the overall prices of goods. The region’s inflation rate fell to -0.1 percent, from July’s comparable 0.5 percent. However, prices are still slightly up by 0.2% from August 2014.
At the national level, the PSA observed annual decreases in the housing, water, electricity, gas and other fuels index (-1.7 percent), and transport (-0.6 percent). Slower annual hikes were also observed in all other commodity groups, except in the induce of combination; education; and restaurant and miscellaneous goods and services.
The food index saw prices increase by 1.1 percent, from August 2014’s 8.5 percent. The PSA observed annual decreases in the prices of rice, corn, and oil and fats. The rest of the food groups had lower annual rates except for vegetables, which saw prices grow by 2 percent.
Core inflation also decelerated to 1.6 percent, from the previous month’s 1.9 percent and August 2014’s 3.4 percent.
