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PIA Press Release
2007/08/15

Malacaņang says inflation manageable

by Jemin B. Guillermo

Roxas City (15 August) -- The headline inflation of the Philippines rose to 2.6 percent year-on-year in July from 2.3 percent in the previous month.

Records show that a higher inflation rates in July were on fuel, light, and water; food, beverages, and tobacco; and services, Malacaņang said.

The year-to-date average was maintained at 2.6 percent, the government's economic team managers revealed, adding that month-to-month, the headline inflation rose by 0.8 percent in July from 0.6 percent in June.

In Capiz, Provincial Statistician Frankie Dordas disclosed that the inflation rate of Capiz in June was posted at 2.0 percent.

He said that compared to the 6.8 percent inflation rate of the province over the same period last year, there is an abrupt decrease of 4.8 percent inflation rate here.

Dordas noted that the province's inflation rate in May this year was also recorded at 2.2 percent.

According to Malacaņang, the up tick in July inflation can be traced to the higher cost of electricity generation and systems loss charges, higher prices of selected food items such as dairy products, eggs, fruits and vegetables, and meat as well as higher educational costs.

The July inflation was significantly lower than the 6.4 percent inflation posted a year ago but was slightly higher than the 1.8 to 2.5 percent forecast range of the Bangko Sentral ng Pilipinas (BSP), Malacaņang said.

Accordingly, the economic team managers disclosed that the indicators continue to show manageable inflation pressures for the rest of the year.

They said that the increase in demand remains moderate and the strong peso is seen to temper price pressures in the near term, although he risks to future inflation remain. (PIA) [top]

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