Philippine Inflation at 2.7% for June 2019 Slowest in Almost Two Years


Another good news for the Duterte administration as the Philippine Statistics Authority (PSA) reported on friday that based on preliminary data showed inflation at 2.7% for the month of June 2019, down from 3.2% in May and 5.2% in June 2018.


Based upon the records of the PSA, the 2.7% inflation rate is the slowest since the 2.6% logged in August 2017 under the Duterte administration.



The inflation rate for the month of June fell within the Bangko Sentral ng Pilipinas' (BSP) 2.2%-3.0% estimate for the month and was lower than that 2.9% median in Businessworld's poll of 12 economists conducted late last week.

Year to date, inflation averaged 3.4%, past the midpoint of the BSP’s 2-4% target range though still above the 2.9% full-year forecast average.

Core inflation — which strips volatile food and energy items in the consumer basket — was 3.3% last month, slower than May’s 3.5% and 4.3% in the same period last year.

According to some economists the better-than-expected inflation print to the slower increase in the prices of food and non-alcoholic beverages.



Aside from the slower increase of food and non-alcoholic beverages, contributing further to the slowdown was the faster decline seen in the education index at 4.5% from the previous month's 3.8% inflation rate.

In Metro Manila, inflation slowed to 3% last month from 3.4% in May while overall price hikes in areas outside the National Capital Region (NCR) eased to 2.6% from 3.1%.

Aside from NCR, six other regions recorded rates faster than the 2.7% national average, namely: MIMAROPA Region (5.2%), Northern Mindanao (3.7%), SOCCSKSARGEN (3.3%), Davao Region (3.2%), Bicol Region (3%), and Central Luzon (2.9%).

Source: BusinessWorld


Philippine Inflation at 2.7% for June 2019 Slowest in Almost Two Years Philippine Inflation at 2.7% for June 2019 Slowest in Almost Two Years Reviewed by Phil Newsome on 7/06/2019 Rating: 5

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