August inflation eases to 6.1%
This is the fourth month the national inflation rate went down.
Inflation in the Philippines eased to 6.1% in August, according to the latest report from the Philippine Statistics Authority (PSA). This rate is within the Bangko Sentral ng Pilipinas' forecast range of 5.5% to 6.5%, and is the fourth consecutive month of decline since May. National Statistician Dennis Mapa stated that while the inflation rate remains high, it has eased in the last four months.
The main drivers of the downward trend were slower increases in food and non-alcoholic beverage prices, as well as in housing, water, electricity, gas and other fuels. Inflation in Metro Manila also followed the national trend, decreasing to 4.1% in August from 4.4% in July. However, the poorest 30% of Filipinos continue to experience higher inflation rates, with the rate for this group staying at 8.2% in August, unchanged from July.
This indicates that low-income families are facing faster increases in the prices of essential goods and services, primarily food and non-alcoholic beverages (52.5% share), housing, water, electricity, gas and other fuels (18.9% share), and transport (12% share).
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
