The country’s inflation rate decelerated further to 1.7 percent last August, its slowest pace in almost three years, as prices of food and non-alcoholic beverages continued to decline.
Philippine Statistics Authority Undersecretary and National Statistician Claire Dennis Mapa said last month’s figure is the lowest inflation since October 2016’s 1.8 percent. This brings the year-to-date inflation for 2019 to three percent.
Inflation in July 2019 was higher at 2.4 percent and in August 2018 at 6.4 percent.
Mapa said other commodity groups posted slower annual rates in August, which include housing, water, electricity, gas, and other fuels; health; recreation and culture; and restaurant and miscellaneous goods and services.
“Unless there is a shock (in the coming months), we expect continuing decline or stabilizing at that level,” he said. (PNA)
