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Philippines Headline Inflation Further Declines to 37% in June 2024
Inflation in the Philippines continues to ease, reaching a new low.
Easing Inflation Brings Relief to Filipino Households
In a significant development, the Philippines headline inflation rate has declined further to 37 percent in June 2024. This represents a welcome respite from the previous high of 39 percent in May 2024 and a significant slowdown from the 49 percent peak in November 2023. The easing inflation is expected to bring relief to Filipino households, who have been grappling with rising prices of essential goods and services.
The latest inflation figures released by the Philippine Statistics Authority (PSA) indicate that the country's consumer price index (CPI) has slowed down considerably in recent months. The CPI, which measures the average change in prices of a basket of consumer goods and services, has been on a downward trend since December 2023, when it reached a low of 39 percent. This steady decline in inflation is attributed to various factors, including a slowdown in global commodity prices and government measures to ease supply-side constraints.
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