Customers shop at a market in Quezon City, the Philippines, Aug. 6, 2024. The Philippines' headline inflation in July has reached its highest rate so far this year, accelerating to 4.4 percent in July from 3.7 percent in June, the Philippine Statistics Authority (PSA) said Tuesday. (Xinhua/Rouelle Umali)
MANILA, Aug. 6 (Xinhua) -- The Philippines' headline inflation in July has reached its highest rate so far this year, accelerating to 4.4 percent in July from 3.7 percent in June, the Philippine Statistics Authority (PSA) said Tuesday.
"The uptrend in overall inflation in July 2024 was primarily influenced by the higher year-on-year increase in the index of housing, water, electricity, gas, and other fuels," PSA chief Dennis Mapa said at a news conference.
The July inflation rate brings the national average inflation in the first seven months of 2024 to 3.7 percent. In July 2023, the inflation rate was higher at 4.7 percent.
Mapa said the core inflation, which excludes selected food and energy items, slowed to 2.9 percent in July from 3.1 percent in June. In July 2023, core inflation was higher at 6.7 percent.
According to the PSA, food inflation rose to 6.7 percent in July from 6.5 percent in June.
National Economic and Development Authority Secretary Arsenio Balisacan said the government is working to address the nation's "most pressing concern" of ensuring food security amid the faster rise in prices in July and the expected typhoons and rains due to the onset of La Nina.
The Philippine state weather bureau said last month that La Nina has a 70 percent chance of forming between August and October, and is likely to persist until the first quarter of 2025. ■
A man carries a sack of rice at a market in Quezon City, the Philippines, Aug. 6, 2024. The Philippines' headline inflation in July has reached its highest rate so far this year, accelerating to 4.4 percent in July from 3.7 percent in June, the Philippine Statistics Authority (PSA) said Tuesday. (Xinhua/Rouelle Umali)
A vendor prepares vegetables at a market in Quezon City, the Philippines, Aug. 6, 2024. The Philippines' headline inflation in July has reached its highest rate so far this year, accelerating to 4.4 percent in July from 3.7 percent in June, the Philippine Statistics Authority (PSA) said Tuesday. (Xinhua/Rouelle Umali)
A vendor prepares vegetables at a market in Quezon City, the Philippines, Aug. 6, 2024. The Philippines' headline inflation in July has reached its highest rate so far this year, accelerating to 4.4 percent in July from 3.7 percent in June, the Philippine Statistics Authority (PSA) said Tuesday. (Xinhua/Rouelle Umali)