Inflation for poorest households up 6.5% in second quarter of 2018

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Manila, Philippines — Inflation for the country’s bottom 30 percent income households has risen to 6.5 percent in the second quarter of the year because of faster increases in the prices of food, the Philippine Statistics Authority (PSA) reported.

This was higher than the 5.3 percent annual growth in the first quarter of the year and 2.7 percent in the second quarter of 2017.

Year-to-date average inflation for this consumer subgroup was placed at 5.9 percent.

PSA said the indices of all commodity groups posted higher annual rates during the second quarter of the year.

The faster growth in the prices of goods and services for the country’s poorest households were attributed to the faster growth in the food index which grew 6.2 percent at the national level in the second quarter, faster than 5.3 percent in the first quarter and 2.7 percent in the second quarter in 2017.

In particular, higher annual markups were seen for rice, corn, cereal preparations, dairy products, fruits and vegetables, and miscellaneous food stuff.

Prices for this particular consumer group rose even faster in the National Capital Region (NCR) to 6.6 percent in the second quarter from 5.9 percent in the previous quarter and 5.2 percent in the same period last year.

Growth was primarily brought about by higher prices of food, beverages and tobacco, as well as light and fuel.

In particular, faster increases in the prices of the following food groups were seen during the second quarter: rice, fish, fruits and vegetables, and miscellaneous food stuff.

In areas outside NCR, inflation for the bottom 30 percent income households picked up to 6.5 percent during the second quarter of 2018. In the previous quarter, annual inflation was posted at 5.3 percent, and in the second quarter of 2017, at 2.6 percent.

Increases in the prices of consumer goods were also attributed to faster increments in food prices.

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