MANILA, July 5 (Xinhua) -- The Philippines' annual inflation rate eased to 3.7 percent in June from 3.9 percent in May as energy and transport costs dipped, the Philippine Statistics Authority (PSA) said on Friday.
"The downtrend in the overall inflation in June 2024 was primarily influenced by the slower annual increment of housing, water, electricity, gas, and other fuels at 0.1 percent (in June) from 0.9 percent in May 2024," PSA chief Dennis Mapa told a news conference.
Mapa added that the slower annual increases in transport indices, restaurants and accommodation services, also contributed to the downtrend.
The June inflation rate brings the national average inflation from January to June 2024 to 3.5 percent. In June 2023, the inflation rate was higher at 5.4 percent.
Mapa said the core inflation, which excludes selected food and energy items, steadied at 3.1 percent in June. In June 2023, core inflation was higher at 7.4 percent.
National Economic and Development Authority Secretary Arsenio Balisacan said food inflation increased to 6.5 percent in June from 6.1 percent in May.
According to him, higher prices of vegetables and meat mainly drove the elevated food inflation.
"We will continue to work closely with the government, stakeholders, and other priority sectors to implement necessary measures to ensure that the country will have a sufficient and affordable food supply, including rice, for every Filipino," the country's chief economic planner said.
In a press conference on June 27, the Development Budget Coordination Committee expressed its determination to achieve price stability and return to the country's average inflation rate target range of 2 to 4 percent between 2025 and 2028. ■