Inflation rate, or the annual increase in consumer prices, accelerated to 4.9 percent in August from 4 percent in July, led by higher prices of food and non-alcoholic beverages, the Philippine Statistics Authority said Tuesday.
National Statistician and Civil Registrar General Dennis Mapa said in an online briefing the August inflation was the fastest since January 2019. It was also faster than 2.4 percent in August 2020.
This brought the average inflation in the first eight months to 4.4 percent, above the target range of 2 percent to 4 percent set by the government.
Mapa said prices of food and non-alcoholic beverages increased by 6.5 percent in August, faster than the 4.9-percent rise in July. Food and non-alcoholic beverages accounted for a 77-percent share in nationwide inflation.
Recreation and culture index went up by 0.5 percent in August, after recording annual decreases since August 2020.
Annual increases were also higher in the indices of the following commodity groups: alcoholic beverages and tobacco, 10.3 percent; clothing and footwear, 1.8 percent; housing, water, electricity, gas, and other fuels, 3.1 percent; furnishing, household equipment and routine household maintenance, 2.5 percent; transport, 7.2 percent; and restaurant and miscellaneous goods and services, 3.8 percent.