Inflation snapped its six-month deceleration streak in August due to faster increase in food prices, mainly rice and vegetables, as well as higher transport costs, the Philippine Statistics Authority (PSA) reported on Tuesday.
At a press briefing, National Statistician and PSA chief Claire Dennis Mapa said inflation — or the rate of increase in the prices of consumer goods and services — stood at 5.3% in August 2023, faster than the 4.7% rate seen in July but slower than the 6.3% in August 2022.The inflation print in August ended the downtrend seen in the past six months beginning February, from a peak of 8.7% in January.
“The expected reduction in rice production due to El Niño and the export ban recently imposed by major rice exporters such as India and Myanmar led to higher international rice prices. In addition, the alleged hoarding incidents, artificial shortage, and speculative business decisions of market players may have put further upward pressure on the domestic retail price of rice,” Balisacan said.
“Despite the ongoing challenges we encounter, such as severe weather conditions and trade limitations imposed by other nations, our objective remains to achieve an inflation rate between 2% and 4% by the year’s end,” said Balisacan.
Other government support to consumers includes the continued implementation of Kadiwa stores, targeted cash transfers, and the Department of Trade and Industry’s Diskwento Caravan, according to Balisacan. This was mainly due to the increase in Food and Non-Alcoholic Beverages index at 8.6% from 6.4% in July, followed by Transport with a rate of 1.4% from a deceleration of 3.2% seen in the prior month.
This was followed by Transport, which saw an increase of 1.1% from a deceleration of 3% in the prior month.
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