Philippines Headline Inflation Eases to 37% in June 2024
Declining Inflationary Pressures
After a brief uptick in April 2024, the Philippines headline inflation has cooled to 37% in June 2024. This represents a moderate decline from the 39% recorded in May 2024.
Driving Factors
The easing of inflation is attributed to a number of factors, including the stabilization of food prices. The year-on-year growth in rice prices, which had contributed significantly to inflation in May 2024, moderated in June 2024.
Moreover, the seasonally adjusted Consumer Price Index (CPI) for all items recorded a zero percent monthly rate in June 2024, indicating that inflation pressures have eased across the board.
Provincial Inflation Trends
While overall inflation has declined, food inflation at the provincial level increased to 120% in May 2024 from 97% in April 2024. This highlights the ongoing challenges faced by certain regions in containing inflationary pressures.
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