The inflation rate in the Philippines eased in August 2024 due to slower increases in food and transportation costs, according to the Philippine Statistics Authority (PSA).
National Statistician and PSA Chief Claire Dennis Mapa announced that the inflation rate, which measures the rate of price increases for goods and services, dropped to 3.3% last month, down from 4.4% in July.
As a result, the year-to-date inflation rate for the first eight months of 2024 stands at 3.6%, a slowdown from the 5.3% rate recorded during the same period last year, and remains within the government’s target range of 2% to 4%.
The August inflation figure also fell within the Bangko Sentral ng Pilipinas’ (BSP) forecast of 3.2% to 4% for the period.
Inflation in the Philippines has seen various fluctuations over the years. The highest inflation rate in recent history was recorded in September 2018 at 6.7%, largely driven by rising food and fuel prices.
The government has since implemented various measures to manage inflation, aiming to keep it within the target range of 2% to 4%, which was first established in 2002.
The recent slowdown in 2024 reflects a continuing trend of inflation moderation as global supply chains recover and domestic production stabilizes.