Inflation rate in the country rose 2.7 percent in July, from 2.5 percent in June, the Philippine Statistics Authority (PSA) said on Wednesday (August 5).
According to the PSA, this is due to the spike in transport costs amid the coronavirus disease (COVID-19) pandemic.
“The acceleration in the overall inflation was mainly caused by the jump in the inflation of the transport index at 6.3 percent during the month, from 2.4 percent in June 2020,” the PSA report reads.
Other commodity groups also recorded high annual increments with alcoholic beverages and tobacco at 19.3 percent; housing, water, electricity, gas, and other fuels, 0.8 percent; restaurant and miscellaneous goods and services, 2.5 percent.
Meanwhile, the PSA will release the report on the country’s Gross Domestic Product for the second quarter on Thursday (August 6). AAC (with reports from Rosalie Coz)
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