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People buy various meat and produce at the Agora Public Market in San Juan City on February 21, 2023. The local government along with officials of the MMDA and DTI inspected the market on the same day to ensure vendors are complying with the suggested retail price set by authorities for commodities to protect consumers. Maria Tan, ABS-CBN News

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Wet market

Benise Balaoing

ABS-CBN News

MANILA -- Inflation slowed to 3.7 percent in June even while increases in food prices continued to accelerate, the Philippine Statistics Authority (PSA) said Friday.The June inflation rate was slower than the 3.9 percent rate seen in May, the PSA said, amid slower increases in the cost of electricity, fuels, water and housing.Slower increases in transport costs also contributed to the lower inflation rate.<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1720143572782inflation june 2.png" style="width:300px" class="fr-fic fr-dib"/></div><div> </div>PSA Undersecretary and National Statistician Dennis Mapa noted that prices of food and non-alcoholic beverages had a higher annual increase of 6.1 percent in June from an annual increment of 5.8 percent in May 2024. &quot;Food inflation at the national level rose to 6.5 percent in June 2024 from 6.1 percent in May 2024. In June 2023, food inflation was higher at 6.7 percent,&quot; the PSA said. Mapa said rice inflation also slowed slightly to 22.5 percent in June, from 23 percent in May. The price of regular milled rice went up slightly to P51.07 per kilo from P51.03 in May. Well-milled rice prices also climbed to P55.96 from P56.06 a month earlier. Meanwhile, special rice prices reached P64.56 in June, rising slightly from P64.41 the month before.<div> </div><div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1720143541081inflation june.png" style="width:300px" class="fr-fic fr-dib"/> </div>The inflation rate in June was still within the Bangko Sentral ng Pilipinas&#x27; 3.4 to 4.2 percent forecast and within the government&#x27;s target range of 2 to 4 percent. Mapa said he cannot say for sure that inflation has peaked in May and will be easing for the rest of the year, noting that fuel, electricity, and meat and vegetable prices all went up in the first week of July.“Hindi pa namin nakikita na ito ay talagang magkakaroon ng further downward na direction given na there are other factors to consider—as I’ve mentioned changes in electricity prices, yung increases sa price of oil and LPG,” he said. He also said that the wage hike in Metro Manila may affect July inflation.“Nakita namin in the past na may mga increases, hindi naman sa overall ano, but sa mga selected commodity groups (ang impact),” he said. “Ang nakikita natin dito, in particular, yung commodity group na personal care and miscellaneous goods and services, let’s say mga beauty parlor, mga barber shop… saka yung restaurants and accommodation services din,” he explained.The National Economic and Development Authority (NEDA) said it remains committed to keeping inflation within the government’s target range.“The easing in our inflation rate in June, mainly due to lower electricity rates, highlights the importance of strengthening our energy sector to sustain our gains,” said Economic Planning Secretary Arsenio Balisacan. Balisacan also said NEDA will continue to work with government and other stakeholders to make sure Filipinos have sufficient and affordable rice.For the first six months of the year, inflation averaged 3.5 percent.Core inflation, which strips out volatile food and fuel items,  was 3.1 percent. The BSP has been keeping monetary policy tight in a bid to curb inflation.The BSP kept interest rates steady in its June meeting, but noted that the balance of risks to inflation has shifted to the downside for 2024 and 2025.<div><a href="https://news.abs-cbn.com/business/2024/6/27/bsp-keeps-interest-rates-steady-in-june-930" rel="noopener noreferrer" target="_blank">BSP keeps rates steady in June as gov says August rate cuts now ‘more likely’</a><span style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none"></div>Security Bank chief economist Dan Roses said he expects the BSP to cut rates—25 basis points each—in August and in October.He also said he thinks the BSP can afford to cut rates ahead of the US Federal Reserve.

This was slower than the 3.9 percent rate seen in May amid slower increases in the costs of electricity, fuels, water and housing.

This was slower than the 3.9 percent rate seen in May amid slower increases in the costs of electricity, fuels, water and housing.

Inflation slows to 3.7 percent in June

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Inflation slows to 3.7 percent in June

Benise Balaoing,

ABS-CBN News

Published Jul 05, 2024 09:14 AM PHT

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Updated Jul 05, 2024 12:53 PM PHT

Read More:

Bangko Sentral

inflation

consumer price index

presyo ng bilihin

presyo

core inflation

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