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Inflation eases to 4.7% in August

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Consumer prices slowed down in August to 4.7 percent from 5.1 percent in July, according to the National Statistics Office (NSO).

The NSO attributed the decline in inflation to the continued deceleration in the annual increment in the heavily weighted food and non-alcoholic beverages index.

Inflation a year ago was four percent.

Besides food, clothing and footwear; housing, water, electricity, gas and other fuels; recreation and culture; and education and a negative annual change in communication index contributed to the downtrend.

The month-on-month inflation inched up by 0.1 percent in August, the same rate recorded in July.

"Higher electricity rates and general upward price adjustments in alcoholic beverages, cigarettes and meals eaten outside the home were posted during the month," the NSO said.

The NSO said the annual increment in the heavily weighted food and non-alcoholic beverages index was slower at 5.1 percent in August from 5.7 percent in July; clothing and footwear, 3.8 percent from 4.2 percent; housing, water, electricity, gas, and other fuels, 5.1 percent from 5.4 percent; recreation and culture, 1.5 percent from 1.6 percent; and education, 5.1 percent from 5.2 percent.

The rest of the commodity groups have either higher rates or remained at its July rate.

The annual hike in the food alone index at the national level continued at lower rate of 5.3 percent in August from 5.9 percent in July.

In addition, the annual gain in rice index further slid to 4.0 percent from 4.6 percent; oils and fats, 35.8 percent from 37.4 percent; fruits, 5.7 percent from 5.9 percent; vegetables, 7.8 percent from 10.7 percent; and food products not elsewhere classified, 3.8 percent from 4 percent.

Prices in areas Outside the National Capital Region slowed to 5.1 percent in August from 5.3 percent in July.

This was attributed to the slower annual adjustments in food and non-alcoholic beverages; clothing and footwear; and education indices and to the negative annual rate in the communication index.(PNA/PIA9-BST)




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