ACEN AND CONVERGE ENTER THE PSEI | MARVIN GERMO

ACEN AND CONVERGE
ACEN AND CONVERGE ENTER THE PSEI. The Philippines’ inflation rate slightly eased to 4% in July, announced the Philippine Statistics Authority (PSA) on Thursday, August 5. This is lower than the 4.1% recorded in June and meets the upper end of the Duterte administration’s 2% to 4% target band. It is also the lowest inflation rate recorded in 2021, so far.

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Average inflation for January to July stood at 4.4%, however, still beyond the target. A year ago, in July 2020, inflation was at 2.7%. National Statistician Dennis Mapa said in a briefing on Thursday that the slower rate of transport inflation, from 9.6% in June to 7% in July, primarily drove the easing of headline inflation. In particular, tricycle fares (11.3%), petroleum and fuels (17.7%), and airfare (-8.6%) saw slower rates.

Slower increases in alcoholic beverages and tobacco (10.2%); furnishing, household equipment, and routine household maintenance (2.3%); and restaurant and miscellaneous goods and services (3.6%) also contributed to the downward trend.

But the PSA recorded higher inflation rates for the following commodity groups:

Food and non-alcoholic beverages (4.9%)
Clothing and footwear (1.7%)
Housing, water, electric


The Bangko Sentral ng Pilipinas (BSP) earlier projected that inflation for July would settle between 3.9% and 4.7%. The BSP had said that higher prices of fuel and key food items, as well as the increase in Manila Electric Company rates and a weaker peso, were the main sources of upward price pressures. In a statement on Thursday, the BSP said its assessment remains that “inflation could settle close to the high end of the target range…over the near term before decelerating back to within the target” by the end of 2021.

“The uptick i
Inflation in the National Capital Region in July stayed at the June rate of 3.2%. Inflation in areas outside NCR, meanwhile, inched down to 4.3% from 4.4%.

Cagayan Valley had the highest inflation of 6.9%, while Central Visayas and the Bangsamoro Autonomous Region in Muslim Mindanao saw the lowest inflation of 2%.

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