Overall inflation in Philippines drops to 5.4% in Jun from 6.1% in May

The average inflation rate for the first semester this year stood at 7.2 per cent.

In June 2022, the inflation rate was higher at 6.1 per cent.

The faster annual decrease in transport at minus 3.1 per cent during the month from minus 0.5 per cent in May also contributed to the downtrend of the overall inflation.

Compared with their previous month’s inflation rates, slower annual increments were noted in the indices of furnishings during the month.

Excluding selected food and energy items, core inflation also decelerated to 7.4 per cent in June from 7.7 per cent in May. This brings the average core inflation for the first half of the year to 7.7 per cent, according to an official release. In June 2022, core inflation was 3.1 per cent.

Inflation in the National Capital Region (NCR) moved at a slower pace in June at 5.6 per cent from 6.5 per cent in the previous month. In June 2022, inflation rate in the area was 5.6 per cent. Clothing and footwear inflation dropped in the area from 2.7 per cent in June from 2.9 per cent in May.

In areas outside NCR, inflation also decelerated further to 5.3 per cent in June from 6 per cent in the previous month. In June 2022, inflation in the area was higher at 6.3 per cent.

Fibre2Fashion News Desk (DS)