(Eagle News) — Inflation accelerated to 4.9 percent in August, the Philippine Statistics Authority reported on Tuesday, Sept. 7.
According to the PSA, this was the highest inflation reported since January 2019.
In July, inflation was pegged at 4.0 percent.
According to the PSA, the uptrend in the country’s inflation was brought about by the higher annual increment in the index of the heavily-weighted food and non-alcoholic beverages.
From from 4.9 percent in July 2021, the PSA said this was at 6.5 percent in August.
The PSA said the recreation and culture index also went up by 0.5 percent in August, after annual decreases since August 2020.
Annual increases were also reported in the following:
- Tobacco, 10.3 percent;
- Clothing and footwear, 1.8 percent;
- Housing, water, electricity, gas, and other fuels, 3.1 percent;
- Furnishing, household equipment and routine household maintenance, 2.5 percent;
- Transport, 7.2 percent; and
- Restaurant and miscellaneous goods and services, 3.8 percent.
Health, communication, and education retained their previous month’s annual growth rates, the PSA said.
With the August inflation, the Philippines’ average inflation from January to August 2021 is now at 4.4 percent.
Inflation refers to the rate of increase in prices of basic commodities.
