Philippines annual inflation rate increased to 4.9 percent in July of 2014 from 4.4 percent in the previous month, mostly driven by rising cost of food and non-alcoholic beverages.
Year-on-year, the heavily-weighted food and non-alcoholic beverages picked up 8.2 percent in July from 7.4 percent in June. Costs of education slightly rose to 5.1 percent in the month from 5.0 percent last month, while that of utilities were slighty up to 2.4 percent from 2.3 percent in May. Prices of health services in July recorded a 3.2 percent increase from 3.0 percent rise in June. Costs of transport and culture and leisure also gained to 1.5 percent from 1.3 percent and to 1.3 percent from 1.2 percent in June.
Prices of food alone at the national level grew by 8.7 percent annually in July compared with 7.8 percent last month and 2.3 percent in the same month a year ago.
Inflation rate in National Capital Region (NCR) in July was recorded at 3.9 percent on yearly basis and standing higher at area outside the NCR with 5.1 percent in the month.
On a monthly basis, the inflation rate rose 0.6 percent in July from 0.4 percent in June. The upward price adjustments happened in the heavily-weighted food items such as rice, fruits, vegetables, meat, fish, milk and eggs. Higher prices of gasoline nationwide and more expensive in medicines and selected items for personal care in many regions were also recorded during the month.
8/5/2014 9:44:39 AM