The cost of living in the country has been rising at a slower pace since the beginning of the year, with July's consumer price increase reaching its lowest level in 16 months, the Philippine Statistics Authority reported. READ:
Headline inflation rate in the Philippines settled at 4.7 percent last month, showing a slowdown compared to the 5.4 percent in June.
The cost of living in the country has been rising, but at a slower pace since the beginning of the year, with July's consumer price index reaching its lowest level in 16 months, the Philippine Statistics Authority reported. As a result, the January to July inflation rate reached 6.8 percent, which remains above the government's desired range of two percent to four percent.
Likewise, there is a growing concern surrounding the price of the Philippines' staple food, arising from India, the world's largest rice exporter, imposing restrictions on the export of non-basmati white rice in order to control the surging domestic food prices. Notably, the inflation rates for fish and other seafood decreased from 6.2 percent to 4.5 percent, eggs and dairy products decreased from 11.2 percent to 9.7 percent, bread and other cereals decreased from 11.0 percent to 10.1 percent, and sugar decreased from 28.9 percent to 21.4 percent.
In July, core inflation, which excludes certain volatile food and energy items, decreased to 6.7 percent from 7.4 percent in the previous month. However, compared to the same period last year, core inflation accelerated from 3.9 percent.
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