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Food, drinks price hikes contribute to higher June inflation rate
FILE: A stall at the Balintawak Market in Quezon City sells different cuts of hog meat on Tuesday (March 1, 2022). (PNA photo by Joey O. Razon)
MANILA – The Philippine Statistics Authority (PSA) is pointing at the quick increase in prices of food and non-alcoholic beverages, which was at 6.0 percent in June from 4.9 percent in May, as the main reason for the increase in inflation rate.
PSA reported on Tuesday that the country’s annual headline inflation rose to 6.1 percent in June 2022, the highest since October 2018 and averaged at 4.4 percent since January 2022.
Undersecretary Dennis Mapa, National Statistician and Civil Registrar General, said the rise was also due to the rapid increase in prices of meat and other parts of slaughtered animals like chicken (8.1 percent), rice (2 percent), and fruits and nuts, particularly mangoes (1.1 percent).
“The second commodity group that recorded higher inflation in June is transport that has a 17.1 percent share in increase of overall inflation,” Mapa reported in Filipino.
Gasoline posted 53.9 percent in June from 47.2 percent in May, the PSA report added, while diesel is at 92.5 percent from 86.2 percent.
Meanwhile, alcoholic beverages and tobacco also rose at 7.8 percent due to cigarettes that contributed 8.9 percent, beer at 6.2 percent, and spirits and liquors at 5.2 percent.
“Based on our monitoring, well, there are expectations that these prices, particularly food prices will still move upward,” Mapa said.
Apart from this, the PSA confirmed that the purchasing power of peso decreased to 0.87 due to a higher consumer price index (CPI).
“Kapag ‘yung ating CPI ay tumataas, ibig sabihin, lumiliit ‘yung purchasing power ng pera natin, ng piso para bumili ng goods and services. (If our CPI is increasing, that means, the purchasing power of our currency to buy goods and services is getting smaller),” Mapa said.
“It means that on June 2022, our one peso is just worth 87 cents if we compare it to the base year which is 2018,” he added.
For the National Capital Region, the inflation increased further to 5.6 percent in June from 4.7 percent in May, which is also attributed to the prices of food and non-alcoholic beverages (6.1 percent), followed by transport (17.2 percent).
The rest of the commodity groups retained their previous month’s annual rates, the PSA said, except for housing, water, electricity, gas, and other fuels which registered a lower growth of 6.8 percent in June from 7.0 percent in May.
Sonny Ramirez
July 5, 2022 at 7:05 PM
It’s best to deal with the hard truth – facts & figures. Tell the people like it is – so that everyone knows in what shape the economy is really in. Then work together to survive.
Hannah Sheila
July 5, 2022 at 10:19 PM
I think by now no one would be surprise by this continuous price hikes and inflation ever since the fuel prices spikes multiple times and even there was news of salary increase I believe individuals who are living of on minimum salary wages wouldn’t feel the effect due to the fact the increase of their salary would just cover the higher prices of their daily goods and necessities. If PBBM and his new officials can counter attack the inflation instead of implementing salary increase I think it would bring much more benefit to the Filipinos because higher salary doesn’t mean good news because even there was much more money in our pay slips most of it would just just cover the increased expenses as well. I hope this continuous news of inflation would reach the new government as much as possible so they can strategize help the Filipinos to survive this big figures of costs.
Catherine Cristobal
July 6, 2022 at 10:46 AM
Di Mapigilang Pagtaas ng Bilihin,isa n nga sa mga Balitang araw- araw nlng nting naririnig at Nararanasan sA ngaun.Ngunit Ano nga b ang Dapat gawin Upang Mapigil ANg mbilis na Paglobo at Pagtaas ng Presyo ng mga Produkto?Sino nga ba ang Dapat na Lumutas nito? Mga Tanong na Namumutawi sa bibig ng Karamihan.Sa Aking Palagay isa itong Malaking Hamon para sa ating Bagong Halal na Presidente kung Ano at Sino nga b ang Dapat na italaga Upang Masugpo ANg Suliraning ito ng Ating Bansa, Kasama ng ating Kooperasyon Alam kong malalagpasan din natin ang Pagsubok na ito sa ating Bansa.Good Luck and More Powers po sa inyo Mahal na Presidente.God bless us all 😇🙏💙💝
Judith Lovendino
July 7, 2022 at 1:43 AM
Sana naman di tayo umabot sa punto na matulad na tayo sa Sri Lanka, sana masolusyunan ng bagong administrayon ang mga hamon na ito bago pa mahuli ang lahat.