INFLATION rose to 2.8 percent in July, from the revised 2.7 percent in June, and from the 1.9 percent rate recorded in the same period in 2016, data released by the Philippine Statistics Authority on Friday showed.
Higher annual increments were registered in the indices of the following commodity groups: housing, water, electricity, gas and other fuels (2.2 percent); transport (3.8 percent); education (2.3 percent); and restaurant and miscellaneous goods and services (2.1 percent).
“On the other hand, slower annual growths were noted in the indices of food and non-alcoholic beverages at 3.3 percent and furnishing, household equipment and routine maintenance of the house, 2.0 percent. The rest of the commodity groups retained their previous month’s rates,” the statistical agency said in an accompanying statement.
Core inflation was also slower in July.
“Meanwhile, excluding selected food and energy items, core inflation eased to 2.1 percent in July 2017. It rose by 2.6 percent in the previous month and 1.9 percent in July 2016,” it added.
For the first seven months of 2017, headline inflation settled at 3.1 percent and core inflation at 2.7 percent.
The Department of Finance gave a forecast of 2.7 percent for July.
Analysts polled by The Manila Times had expected inflation in July to stand between 2.7 percent and 3 percent. MAYVELIN U. CARABALLO