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Inflation for the poorest slowest in 23 months–PSA

Inflation for the poorest slowest in 23 months–PSA

THE poorest Filipinos saw the slowest inflation they have experienced in nearly two years, according to data released by the Philippine Statistics Authority (PSA).

Based on the Consumer Price Index for bottom 30-percent income households, PSA said inflation experienced by the poorest reached 3.1 percent.

This is slower than the 4-percent inflation posted in June and 7.6 percent in July 2018. In fact, it is the slowest in 23 months or since August 2017 when inflation was at 3 percent.

“Relative to their annual rates in June 2019, inflation was slower in the indices of all the commodity groups during the month, except for the index of housing and repairs [H&R],” PSA said.

PSA data showed inflation was slower in all commodities, including the food index which only posted an increase of 2.7 percent in July 2019.

The weight of food in the basket of goods used for the computation of the inflation experienced by the poorest 30 percent, as previously explained by National Statistician Claire Dennis Mapa, is 70 percent against 39 percent for all the households.

PSA data showed that rice, corn and cereals posted contractions in July at 0.4 percent, 2.5 percent and 0.9 percent, respectively.

Only fish and eggs posted price increases in July 201— fish to 2.8 percent from 2.5 percent; and eggs, 7.8 percent from 7.6 percent.

“Except for the indices of eggs and fish, the other food groups exhibited slower annual increments in July 2019,” PSA said.