Inflation graphics. INQUIRER FILE PHOTO
Headline inflation in July reached its highest rate in nine months, driven by higher price increases in housing, water, electricity, gas and other fuels, transport items, and food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) reported on Tuesday.
Preliminary data from the agency showed the consumer price index grew by 4.4 percent year on year in July, accelerating from the 3.7 percent in June, but slower than 4.7 percent in the same period last year.
READ: Inflation slows to 3.7 percent in June — PSA
This is within the 4 to 4.8 percent forecast of the Bangko Sentral ng Pilipinas (BSP) for the month, however, it was higher than the 4 percent average inflation forecast in an Inquirer poll of 11 economists conducted last week.
Inflation print in July marked the fastest growth in nine months or since the 4.9 percent logged in October 2023.
This marked the first time that the inflation breached the central bank’s 2 to 4 percent target range for the year.
For the first seven months, inflation averaged 3.7percent, still lower from the 6.8 percent in July 2023.