Inflation is high: your P1 is now only worth 87 centavos.

 



MANILA, Philippines—While President Ferdinand Marcos Jr. expressed surprise at the state statisticians' June 2022 inflation rate, claiming that "we're not that high," the Philippine Statistics Authority (PSA) stated that it "stands by its data."

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According to the PSA, the Philippines' inflation rate hit 6.1 percent last month, the highest since the rice crisis in October 2018, when it was 6.9 percent.

According to PSA, the higher inflation rate was caused by a higher annual growth rate in food and non-alcoholic beverage prices, which increased from 4.9 percent in May 2022 to 6.0 percent in June 2022.

Meanwhile, transportation costs increased from 14.6 percent in May 2022 to 17.1 percent in June.

"The higher annual growth rate in the index for food and non-alcoholic beverages at 6.0 percent, up from 4.9 percent the previous month, was primarily responsible for the June 2022 inflation uptrend." This was followed by transportation, whose index increased by 17.1% year on year, up from 14.6 percent in May 2022, according to PSA.

Inflation for raw food items rose dramatically as well, with fruits and nuts food products rising to 1.1 percent from -2.4 percent in May 2022.

"Meanwhile, national food inflation increased to 6.4 percent in June 2022, up from 5.2 percent in May 2022." In June 2021, food inflation was 3.9 percent. "The acceleration in food inflation was primarily influenced by the higher annual growth in the meat and other parts of slaughtered land animals index, which was 8.1 percent," PSA noted.

"Fruits and nuts food group registered an inflation rate of 1.1 percent, up from -2.4 percent the previous month," it added.

PSA also stated that prices had decreased.

7.8 percent alcoholic beverages and tobacco

2.2 percent for clothing and footwear

6.6 percent for housing, water, electricity, gas, and other fuels

2.9 percent for furnishings, household equipment, and routine household maintenance

2.6 percent for health

1.9 percent for recreation, sport, and culture

Personal care and other goods and services, 2.6 percent

In the National Capital Region (NCR), the inflation rate rose to 5.6 percent in June, up from 4.7 percent the previous month.

This is also significantly higher year on year, as the NCR inflation rate in June 2021 was only 2.6 percent.

Similarly, increases in food and transportation prices appeared to be the primary drivers of high inflation rates.

"The higher annual increase in the food and non-alcoholic beverages index in June 2022 was primarily attributed to the higher annual increase in the food and non-alcoholic beverages index at 6.1 percent in June 2022, up from 4.6 percent the previous month," PSA noted.

"This was followed by the Transport index, which increased by 17.2 percent year on year," it added.

Outside of the NCR, the situation was nearly identical (AONCR).

"AONCR inflation rose to 6.3 percent in June 2022, following the trend of the Philippines and NCR." Inflation was 5.5 percent in the previous month and will be 4.0 percent in June 2021, according to the PSA.

"The upward trend in AONCR inflation in June 2022 was caused by higher inflation for food and non-alcoholic beverages at 5.9 percent, up from 4.9 percent the previous month." Furthermore, the transport index contributed 17.1 percent annual growth, up from 14.7 percent the previous month," it added.

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