The country’s inflation rate further drops to 2.7% in June.
According to the Philippine Statistics Authority (PSA), this is within the government’s target of 2% to 4%.
It is lower compared to the 3.2% rate in May and the lowest rate recorded in two years.
The PSA said the decrease in prices of food and non-alcoholic beverages is one of the contributing factors to the ease in inflation.
According to National Statistician Claire Dennis S. Mapa, the continued decline in the price of rice is due to the rice tarrification implemented in March. This also contributed to the lowered prices in food.
“The negative inflation rate for rice can be explained by the rice tarrification so we can say the reduction is in the price of rice in the previous months,” she said.—AAC (with reports from Mon Jocson)
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