Metro Manila (CNN Philippines) — The prices of consumer goods surged last month as food, power and education became more expensive for Filipinos.
Inflation hit 1.9 percent in June, much higher than the 1.2% registered the year before, the Philippine Statistics Authority (PSA) said in a report on Tuesday.
It was the fastest pace at which consumer prices rose in 15 months — since April 2015, when inflation was at 2.2%.
The PSA said the June inflation was driven by higher food prices, particularly vegetables, fish, rice and meat. Electricity rates were hiked, while kerosene and LPG (liquified petroleum gas) prices rose, particularly in the provinces.
June also marked the opening of classes, and tuition hikes were seen in many regions across the Philippines, the data showed.
In the first half of the year, inflation averaged 1.3% — still well below the government’s target range of 2-4%.
Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr. said in a statement the latest inflation reading was in line with the regulator’s forecast. The central bank sees inflation moving closer to its target band in the following months.
The BSP closely monitors the prices of consumer goods, as it controls the money supply and interest rates to ensure inflation is kept in check.
