The rate of increases in prices in the country climbed to a three-year high at 6.1 percent in June from 5.4 percent in May, amid persistent food price increases especially chicken and fish, and non-alcoholic beverages across all regions, the Philippine Statistics Authority reported Tuesday, July 5.
National Statistician and Civil Registrar General Undersecretary, Dennis S. Mapa, in a press briefing on Tuesday said they have yet to see the peak in inflation. He said indicators and data from the ground show that CPI is poised to move up more since price increases are detected in nine regions out of 13. This is not common, he said, that all regions are all on the uptrend.
“In June, our P1 is only worth 87 centavos,” he said. This is a cumulative decline compared to the CPI base year. “Let’s look at the gap to three and half years. We will come up with this data,” said Mapa. He added that this is “not extraordinary” since the peso loses value with high inflation. In areas outside of the NCR, jeepney fare for the first five kilometers is also higher at P14.50. The weight of transport in the CPI is currently nine percent, it is the fourth highest in the commodity group. The biggest in terms of CPI weight is food and non-alcoholic beverages at 35 percent.
The rest of the food groups exhibited faster annual growth rates, except for vegetables, tubers, plantains, cooking bananas and pulses food group which registered a lower inflation of 14.4 percent, based on PSA data.
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