Inflation picks up in July

HEADLINE inflation accelerated for the second consecutive month and settled at 2.7 percent in July from 2.5 percent in August on the back of the higher annual increment recorded in the transport index, the Philippine Statistics Authority (PSA) reported on Wednesday.

The inflation last month was also higher than the 2.4 percent recorded in the same month last year.

“The acceleration in the overall inflation was mainly caused by the jump in the inflation of the transport index at 6.3 percent during the month, from 2.4 percent in June 2020,” said PSA.

PSA said that higher tricycle, domestic air, and ferry or ship fares were recorded during the month.

Annual increments were also higher in the indices of commodity groups such as alcoholic beverages and tobacco; housing, water, electricity, gas, and other fuels; and restaurant and miscellaneous goods and services.

Source: TheManila Times