Headline: Philippines' Inflation Increases to 4.4 Percent in July 2024
The consumer price index (CPI) measures the price of a weighted average market basket of consumer goods and services purchased by households.
The Philippines' headline inflation, or overall inflation, increased to 4.4 percent in July 2024 from 3.7 percent in June 2024. This is the highest inflation rate since October 2022, when it was 4.6 percent. The increase in inflation was driven by higher food and energy prices.
The country's seasonally adjusted CPI for all items posted a zero percent monthly rate in June 2024, from a 0.3 percent monthly rate in May 2024.
The main source of the downward trend of the October 2021 inflation was primarily due to the slower annual increment registered in food and non-alcoholic beverages, which was recorded at 2.4 percent in October 2021 from 9.7 percent in September 2021.
The increase in food and energy prices is a major concern for the Philippines, as it could lead to higher inflation and lower economic growth. The government is taking steps to address the problem, including increasing food production and providing subsidies to low-income households.
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