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August inflation rate. Source: PSA
Inflation rate in the Philippines fell to 3.3 percent in August 2024 from 4.4 percent in July, the Philippine Statistics Authority (PSA) said Thursday.
This brought the average inflation in the first eight months to 3.6 percent, falling within the government’s target range of 2 percent to 4 percent for the year.
PSA Undersecretary Claire Dennis Mapa said prices of several food products went down in August, contributing to the lower overall inflation during the month.
The PSA also reported lower inflation for transportation after the decline in fuel prices.
Inflation is expected to further soften in the coming months with the reduction in rice import tariffs.
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