Tuguegarao City, Cagayan – Growth in consumer goods’ prices have relaxed to its lowest in a 7 month period in July 2021 due to the ease in transport costs.
According to the Philippine Statistics Authority (PSA) on Thursday, August 5, that measured by consumer price index, the inflation in the country has slowed down by 4% in July, lower than the 4.1% last month.
PSA added that the lesser progress in the increase of public transport costs such as fuel and tricycle fares have played a key role in slowing down of consumer price growth.
Apart from making it within the national government’s inflation target at 2 to 4%, July’s low results have been the slowest since December 2020 which was read at 3.5%.
Dennis Mapa, national statistician, explained that the slow-moving increase in prices for restaurant and miscellaneous goods as well as services, transport, alcoholic drinks and tobacco have contributed to the cooler inflation last July.
Meat prices have increased at a more relatively slower pace last month while fish and vegetable prices rose quicker.
Inflation contributors in July were transport at 7% slower than that of June’s 9.6%, water, electricity, gas, rent and housing as well as gas and fuel.
Cagayan Valley still had the fastest climb in prices of consumer goods at 6.9% in July, while NCR only rose by 3.2%, and Vis-Min with the lowest at only 2%. TNF