Philippine inflation accelerates to 6.4% in July, highest since Oct 2018

Manila, Aug 5 (IANS) Year-on-year inflation in the Philippines accelerated to 6.4 per cent in July, the highest since October 2018, the Philippine Statistics Authority (PSA) said on Friday.

PSA head Dennis Mapa told reporters that the July inflation was mainly due to higher prices in food and non-alcoholic beverages and transport, reports Xinhua news agency.

He added that the country's average inflation in the first seven months this year stood at 4.7 per cent.

Mapa said the primary source of the upward trend was the higher annual growth rate in the index for food and non-alcoholic beverages at 6.9 per cent.

The transport index grew by 18.1 per cent.

He said the higher yearly increases in the prices of alcoholic beverages and tobacco, 8.5 per cent; clothing and footwear, 2.5 per cent; and furnishings, household equipment, and routine household maintenance, 3.1 per cent, also contributed to the July inflation.