The faster movement in the prices of food commodities caused inflation—or the rate of increase in the prices of goods and services—to accelerate in August.
MANILA — This was the justification of the Philippine Statistics Authority (PSA) on the speedy inflation last month.
“Ang dahilan ng mabilis na antas ng inflation nitong Agosto 2021 ay ang mas mabilis na paggalaw ng presyo ng Food and Non-Alcoholic Beverages na may 6.5 percent inflation at 77.4 percent share sa pagtaas ng pangkalahatang inflation sa bansa (The faster inflation in August 2021 is due to the accelerated movement in the price of Food and Non-Alcoholic Beverages which has 6.5 percent inflation and 77.4 percent to the overall acceleration of inflation in the country.), says PSA chief and national statistician Claire Dennis Mapa at a virtual press briefing.
He reported that inflation last month clocked in at 4.9 percent, the highest since January 2019.
Mapa admitted that this is faster than the 4.0 percent inflation rate recorded in July.
“Ang mga pangkat ng pagkain na pangunahing nag-ambag sa inflation ng Food and Non-Alcoholic Beverages ay ang mga karne, gaya ng baboy, 16.4 percent inflation; isda, tulad ng galunggong, 12.4 percent inflation; at gulay, partikular ang talong, 15.7 percent inflation (The food groups which contributed mostly to the Food and Non-Alcoholic Beverages inflation are meat, such as pork with 16.4 percent inflation; fish, such as galunggong, at 12.4 percent; and vegetables, particularly eggplant at 15.7 percent inflation.), he says.
Mapa explained that the faster movement in food prices was mainly due to supply issues.
He said last month’s inflation print settled at the upper end of the Bangko Sentral ng Pilipinas’ (BSP) forecast range of 4.2 percent to 4.9 percent. (JD/The MiNT)