Inflation quickens to fresh three-year high of 6.1%

Consumer prices grew at a faster pace for the fourth straight month in June to mark the biggest jump in over three years, data from the Philippine Statistics Authority (PSA) revealed.

Inflation clocked in at 6.1% in the past month, PSA Chief and National Statistician Claire Dennis Mapa reported in a press conference on Tuesday. This is faster than the 5.4% in May 2022 and the downward revised 3.7% in June 2021.

This is the same reading seen in November 2018, and the highest since the 6.9% in October 2018.

“We are still seeing increases in prices. If you will notice ‘yung ating [our] slope… medyo very steep yung slope every month, so based on our monitoring, there are expectations that these commodity prices will still move upward,” Mapa said.

Faster monthly increases were seen in food and non-alcoholic beverages; non-food items; housing, water, electricity, gas, and other fuels; and furnishings, household equipment, and routine household maintenance.

Transport prices also surged by 17.1%, contributing 31.7% to the overall uptrend for the month as gasoline prices increased by 53.9%, diesel by 92.5%, and other passenger transport prices by 2.7%. Mapa said this is the highest since August 2008, when transport inflation was recorded at 17.6% during the financial crisis.

Gasoline prices were hikes for four straight weeks, and diesel and kerosene for five straight weeks covering the month of June, ending the month with a year-to-date net increase of P30.00 per liter for gasoline, P45.90 per liter for diesel, and P39.75 per liter for kerosene as of June 28, 2022.

Inflation in the National Capital Region (NCR) was recorded at 5.6%, faster than the 4.7% in May and 2.6% the same month last year.

Faster increases were seen in food and non-alcoholic beverages; non-food items; housing, water, electricity, gas, and other fuels; and furnishing, household equipment and routine household maintenance.

Meanwhile, slower increments were seen in deseasonalized prices for alcoholic beverages and tobacco; clothing and footwear; health; and restaurants and accommodation services.

Outside Metro Manila, the average inflation rate was 6.3%, higher than 5.5% in May and 4.0% in the same month in 2021.

All regions recorded faster inflation rates during the month, with the quickest rates seen in the Cordillera Administrative Region and Central Luzon both with 7.5%, while the slowest was seen in the Bangsamoro Region in Muslim Mindanao with 3.1%.   —KBK, GMA News