Philippines' inflation eases further to 2.4 pct in July

Source: Xinhua| 2019-08-06 13:40:33|Editor: ZX
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MANILA, Aug. 6 (Xinhua) -- The Philippines' headline inflation further eased to 2.4 percent in July 2019, the lowest inflation recorded since January 2017, the Philippine Statistics Authority (PSA) said on Tuesday.

Inflation in June 2019 was higher at 2.7 percent and in July 2018, 5.7 percent. The PSA said the inflation rate recorded in July this year was the same rate observed in July 2017.

"The downtrend was primarily brought about by the slower annual rate posted in the index of the heavily-weighted food and non-alcoholic beverages at 1.9 percent (from 2.7 percent in June)," Undersecretary Claire Dennis Mapa of the PSA told a news conference.

The food-alone index likewise eased to 1.7 percent in July versus the 2.6 percent reading in June and 6.8 percent in July 2018.

In addition, slower annual increments were noted in the indices of the groups like housing, water, electricity, gas and other fuels, furnishing, household equipment and routine maintenance of the house, and transport.

The Philippine presidential spokesperson Salvador Panelo said the government is "confident that disinflation will continue as we remain on guard in monitoring the prices of basic goods and commodities."

The Philippine central bank said earlier the lower rice and domestic liquified petroleum gas prices along with a downward adjustment in electricity rates and the recent peso appreciation tempered inflation pressure during the month.

Headline inflation in the Philippines accelerated since 2018 and the number further quickened to 6.7 percent last September, reaching a nine-year high.

Since last November, inflation started to decelerate.