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%).
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
Reviewed by Phil Newsome
on
7/06/2019
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Reviewed by Phil Newsome
on
7/06/2019
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