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PRICES RISE | Philippine inflation quickens to 2.5% in June
July 7, 2020 , 12:01 PM

(July 07, 2020) – The Philippines’ year-on-year inflation quickened to 2.5 percent in June after the government relaxed coronavirus curbs, the government announced on Tuesday.

This halted the four-month deceleration for the country’s inflation, with May registering a six-month low of 2.1 percent.

The Philippine Statistics Authority (PSA) has noted the uptrend for June was primarily due to higher increments in transport, particularly for tricycle fares, from a 5.6 percent annual decrease in May to a 2.3 percent increase in June.

Mark-ups were also noted for alcoholic beverages and tobacco at 18.5 percent, as well as in utilities.

But inflation continued to slow down for food and non-alcoholic beverages, recreation and culture, education, restaurant and other services.

The headline figure was near the upper end of the central bank’s forecast range of 1.9% to 2.7% for the month, and faster than the median 2.2% estimate in a Reuters’ poll.

The Philippine economy contracted by 0.2 percent in the first quarter, the first in 22 years. Bangko Sentral ng Pilipinas Governor Benjamin Diokno said that the gross domestic product (GDP) could contract even further by 5.7 to 6.7 percent as restrictions continue to hamper businesses in the country.

The Philippine GDP could shrink by 1.9 percent this year, according to the World Bank.

Last month, the government decided to relax quarantine restrictions in the capital region and other areas to boost the economy.

But now, authorities have been floating the possibility of placing Metro Manila back to stricter curbs, as coronavirus cases continue to rise.

On Monday, the Philippines had the second-highest number of infections in the Southeast Asian region at 46,333, overtaking Singapore but next to Indonesia. (Katrina Elaine Alba/MM)

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