Inflation further cools to 5.4% in June

The country’s inflation rate further cooled down to 5.4% in June from 6.1% in May according to the Philippine Statistics Authority.

Inflation in the Philippines eased for a fifth straight month in June as food and transport costs rose at a slower pace, the state statistics bureau said.

June’s inflation — the rate of increase in the prices of good and services — decelerated to 5.4% from 6.1% the month prior, the Phillippine Statistics Authority (PSA) reported last July 5.

The latest figure falls within the Bangko Sentral ng Pilipinas’ projection range of 5.3 to 6.1% for the month.

It was also slower compared to the inflation rate recorded last year which stood at 6.1%.

This, however, brought the year-to-date inflation or the average rate for the first six months to 7.2%, way above the government’s target range of 2% to 4%.

Core inflation, which excludes volatile food and energy costs, also decreased to 7.4% in June from 7.7 percent in May.

Inflation has been falling after peaking at a 14-year high of 8.7% in January.

Economic managers said June 2023 marked the lowest inflation rate in 13 months or since June 2022.

A lower inflation rate provides Filipinos relief by making basic goods and services more affordable, ensuring a stable standard of living.

Thumbnail photo made via Canva

Related Posts