Inflation in the Philippines accelerated further in what statisticians estimates as its ‘fastest pace in nearly four years’
As of July 2022, inflation has reached 6.4 per cent from 6.1 per cent in June, according to the Philippine Statistics Authority.
National Statistician Dennis Mapa said inflation was on account of faster increases in prices of essential commodities like meat and fish, gasoline and transport, and electricity.
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The seven-month average (January to July) was 4.7 percent and the year’s average was higher than the upper end of the government’s target range of 2 percent to 4 percent.
The Bangko Sentral ng Pilipinas (BSP) has raised interest rates by a total of 125 basis points this year in view of high inflation rate and it said that the inflation is expected to remain high for the remainder of this year, but could ease in 2023 and settle within target in 2024.
