Metro Manila, Philippines – Inflation has slowed to a seven-month low in August reflecting easing food and rice prices, the Philippine Statistics Authority said on Thursday, Sept. 5.
Inflation was 3.3%, cooling from 4.4% in July – the lowest since January this year and within the government target of 2%-4%
Lower food inflation was the main driver, easing to 4.2% from 6.7% in July.
In a press briefing, PSA Undersecretary and National Statistician Dennis Mapa said price movements for food and non-alcoholic beverages fell from 6.4% to 3.9%.
The increase in rice cost also eased to 14.7% from 20.9%.
“This month of September it (rice inflation) will further go down to single digit,” said Mapa.
Transport inflation was also down to 0.2% from 3.6% in July.
Meanwhile, housing, water, electricity, and fuel costs rose to 3.8% from 2.3%.
The August numbers brought the national average inflation to 3.6%.
Inflation in Metro Manila slowed to 2.3% from 3.7%, and in areas outside the capital region from 4.6% to 3.6%.
The impact of Tropical Storm Enteng and the southwest monsoon in August will reflect in next month’s inflation report.
