Philippines Inflation Highest Since October 2018

(RTTNews) - The Philippines' inflation increased for the fourth month in a row to the highest level since October 2018, data from the Philippine Statistics Authority showed on Tuesday.

The consumer price index grew 6.1 percent annually in June, following a 5.4 percent rise in May. Economists had expected a 5.9 percent rise.

The statistical office attributed the high inflation to a 6.0 percent annual increase in food and non-alcoholic beverages and a 17.1 percent surge in transport costs.

Prices for alcoholic beverages and tobacco grew 7.8 percent and those of housing, water, electricity, gas, and other fuels advanced 6.6 percent.

Prices for furnishings, household equipment and routine household maintenance increased 2.9 percent and those of clothing and footwear rose by 2.6 percent. Prices for personal care, and miscellaneous goods and services, and health advanced 2.6 percent, each.

On a monthly basis, consumer prices grew a seasonally adjusted 1.0 percent in June, following a 0.5 percent rise in the previous month.