Inflation jumps to over 3-year high of 4.9% in April
The headline inflation in the Philippines increased further to 4.9 percent in April 2022, from 4.0 percent in March 2022. This is the highest recorded inflation since January 2019. Inflation in April 2021 was lower at 4.1 percent. The average inflation for the first four months of the the year stood at 3.7 percent.
The increase in the country’s inflation was mainly brought about by the higher annual increase in the index for food and non-alcoholic beverages at 3.8 percent; transport, 13.0 percent; and housing, water, electricity, gas, and other fuels, 6.9 percent. Also contributing to the uptrend in the overall inflation during the period were the higher annual increments in the indices of the following commodity groups as compared with their previous month’s inflation rates:
a. Alcoholic beverages and tobacco, 5.9 percent; b. Clothing and footwear, 2.0 percent; c. Recreation, sport and culture, 1.6 percent; and d. Personal care, and miscellaneous goods and services, 2.3 percent.
Meanwhile, annual upticks slowed down in the indices of health at 2.4 percent; and restaurants and accommodation services at 2.8 percent.
The rest of the commodity groups either retained their previous month’s inflation rates or had zero percent annual growths.
For food index, it increased further by 4.0 percent in April 2022, from 2.8 percent in the previous month. In April 2021, food index was higher by 4.1 percent.
The annual growth rate of the vegetables, tubers, plantains, cooking bananas and pulses index went up to 9.2 percent during the month, from -0.1 percent in the previous month. In addition, double-digit growth rate was observed in oils and fats index at 11.7 percent.
The following food groups exhibited higher annual increments during the month:
a. Flour, bread and bakery, pasta products, and cereals, 4.1 percent; b. Meat and other parts of slaughtered land animals, 4.2 percent; c. Fish and other seafood, 5.0 percent; d. Milk, other dairy products, and eggs, 1.1 percent; e. Sugar, confectionery and desserts, 7.3 percent; and f Ready-made food and other food products n.e.c., 2.9 percent.
On the other hand, the corn index had a lower annual uptick at 27.1 percent. The rice index remained at 1.6 percent inflation, while the fruits and nuts index still registered an annual decline at -4.6 percent respectively.