June had seen Philippine inflation advancing faster than what was initially thought. This followed after one of the world’s longest coronavirus lockdowns was lifted. Moreover, food, fuel prices, and the transport index were seen at higher levels as the country resumed its economic activity.
The consumer price index soared 2.5% in June from a year ago, placing higher than the 2.1% record seen in May, the Philippine Statistics Authority said on Tuesday.
The headline figure fell within the central bank’s forecast range of 1.9% to 2.7% for the month. It also placed higher than the median 2.2% forecast in a Reuters poll.
The country’s inflation rate reached 2.5% in the first half of 2020, just below the mid-point of the official 2%-4% target. Meanwhile, core inflation advanced 3.0% from 2.9% in May.