June inflation goes up due to rising food prices
‘Saan aabot ang P20 mo?’ Maybe not so much, because food prices keep on lifting inflation in the country.
Bangko Sentral ng Pilipinas (BSP) announced on Tuesday, July 5, that consumer prices rose in June by 1.9%, following the rise in food and nonalcoholic beverages.
The inflation, BSP said, is a 14-month high since prices of consumer goods reached 1.6% in May 2015, from 2.2 percent in April, Philippine Statistics Authority data showed.
“Inflation in June at 1.9 percent was higher than the May figure, due mainly to greater annual increases in food and nonalcoholic beverages,” said BSP Governor Amando M. Tetangco Jr.
“Other non-food items also rose,” he added.
Inflation went up to 1.6% in May, mostly on higher prices of food, beverages, and clothing, the report said.
The latest statistics fall within the range of 1.5 to 2.4, which BSP said last month it was anticipating for June.
“This turnout is consistent with our assessment that over the policy horizon, monthly inflation will move to within target, although for 2016 we still see full-year average to be just below or around the low end of the (NG) national government target range,” Tetangco added.
Given that consumer prices are within expectations, Tetangco said the BSP sees “no need to change the stance of monetary policy for now.”, the report said.