Philippines’ inflation eases in August ’24

Philippines’ headline inflation rate eased to 3.3 per cent in August 2024 from 4.4 per cent in July, bringing the national average for the year to 3.6 per cent, according to a latest data published by Philippine Statistics Authority on Thursday.

The decline in overall inflation was primarily driven by slower increases in food and non-alcoholic beverages, which rose by 3.9 per cent in August compared to 6.4 per cent in July. Additionally, transport costs decreased by 0.2 per cent in August, down from a 3.6 per cent increase in the previous month.

Food inflation at the national level also eased, falling to 4.2 per cent in August from 6.7 per cent in July. Rice inflation, which had been a major contributor to overall food inflation, decelerated to 14.7 per cent in August from 20.9 per cent in July.

Philippines’ core inflation, excluding selected food and energy items, slowed to 2.6 per cent in August from 2.9 per cent in the previous month.

Attribution: Philippine Statistics Authority report