PH Inflation Rate Climbs to 6.4% in July 2022, Highest Since Oct. 2018

The annual headline inflation of the Philippines increased further to 6.4% in July 2022, the Philippine Statistics Authority (PSA) said in a press conference on Aug. 5. From 6.1% in June 2022, this is the highest recorded inflation since October 2018.

“Ang average inflation mula Enero 2022 hanggang Hulyo 2022 ay nasa antas na 4.7%,” National Statistician and Civil Registrar General Dennis S. Mapa said.

(The average inflation from January 2022 to July 2022 stood at 4.7%.)

Mapa, who serves as the PSA’s undersecretary, noted that the main reason for this month’s inflation rate was the rapidly increasing prices of food and non-alcoholic beverages.

“Ito ay may 6.9% inflation at 64.0% share sa pagtaas ng pangkalahatang inflation sa bansa,” he said.

([Food and non-alcoholic beverages] are at 6.9% inflation and have a 64% share in the increase of the overall inflation in the country.)

The country’s transport index likewise followed with 18.1% annual growth, up from 17.1% in June. Along with that, the higher annual increments in the indices of the commodity groups below also contributed to the overall increase:

• Alcoholic beverages and tobacco – 8.5%
• Clothing and footwear – 2.5%
• Furnishings, household equipment, and routine household maintenance – 3.1%
• Recreation, sport, and culture – 2.2%
• Restaurants and accommodation services – 3.4%
• Personal care, and miscellaneous goods and services – 2.8%