Inflation for June 2022 hits three-year high of 6.1 percent — PSA
MANILA, Philippines — The country’s headline inflation rate in June 2022 was at 6.1 percent according to the Philippine Statistics Authority (PSA) — a three-year high since November 2018’s 6.1 percent and October 2018’s 6.9 percent.
According to PSA’s report published on Tuesday, inflation figures for June 2022 were higher than the 5.4 percent recorded in May 2022, and compared to June 2021’s 3.7 percent.
PSA said that the higher inflation rate was brought by higher annual growth rate in the prices of food and non-alcoholic beverages which saw a rise from 4.9 percent in May 2022 to 6.0 percent in June 2022.
Transportation costs meanwhile rose from 14.6 percent in May 2022 to 17.1 percent in June.
“The uptrend of inflation for June 2022 was primarily brought about by the higher annual growth rate in the index for food and non-alcoholic beverages at 6.0 percent, from 4.9 percent in the previous month. This was followed by transport whose index grew by 17.1 percent annually, from 14.6 percent in May 2022,” PSA said.
Inflation for raw food items also rose dramatically, like fruits and nuts food products which ballooned to 1.1 percent compared to May 2022’s -2.4 percent.
“Meanwhile, inflation for food at the national level rose further to 6.4 percent in June 2022, from 5.2 percent in May 2022. In June 2021, food inflation was lower at 3.9 percent. The acceleration in the food inflation was primarily influenced by the higher annual growth in the meat and other parts of slaughtered land animals index at 8.1 percent,” PSA noted.
“Also contributing to the uptrend in the food inflation was fruits and nuts food group which registered an inflation rate of 1.1 percent, from -2.4 percent in the previous month,” it added.
PSA also said that prices went up for the following commodities and services:
- Alcoholic beverages and tobacco, 7.8 percent
- Clothing and footwear, 2.2 percent
- Housing, water, electricity, gas and other fuels, 6.6 percent
- Furnishings, household equipment and routine household maintenance, 2.9 percent
- Health, 2.6 percent
- Recreation, sport and culture, 1.9 percent
- Personal care, and miscellaneous goods and services, 2.6 percent
For the National Capital Region (NCR), the inflation rate also increased in June, at 5.6 percent from just 4.7 percent in the previous month.
This is also way higher compared to a year-on-year basis, as the inflation rate in June 2021 for NCR was only at 2.6 percent.
Similarly, increase in the prices food and transportation appeared to be the main drivers of high inflation rates.
“The uptrend of inflation in NCR for the month of June 2022 was mainly attributed to the higher annual increase in the food and non-alcoholic beverages index at 6.1 percent in June 2022, from 4.6 percent in the previous month,” PSA noted.
“This was followed by Transport index which grew by 17.2 percent annually,” it added.
The situation was almost similar for areas outside NCR (AONCR).
“Following the trend of the Philippines and NCR, inflation in AONCR rose further to 6.3 percent in June 2022. In the previous month, inflation was registered at 5.5 percent and in June 2021, 4.0 percent,” PSA said.
“The upward trend of inflation in AONCR in June 2022 was brought about by the higher inflation for food and non-alcoholic beverages at 5.9 percent, from 4.9 percent in the previous month. In addition, the transport index also contributed with 17.1 percent annual growth, from 14.7 percent in the previous month,” it added.
Subscribe to our business newsletter[forminator_form id="356780"]
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.