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PSA: Inflation for poorest Filipinos surges to 8% in August.

PSA: Inflation for poorest Filipinos surges to 8% in August !-- -- (philstar.com) - October 22, 2018 - 10:01pm MANILA, Philippines The poorest Filipinos continue to suffer a faster rise in prices of basic goods and commodities in August, the Philippine Statistics Authority reported on Monday.

Inflation for the poorest 30 percent households accelerated to 8 percent in August, marking the eighth consecutive month consumer prices rose this year. "The indices of all the commodity groups posted higher annual rates during the month, except for fuel, light and water index," the PSA said in a report posted on its website.

Broken down, poor Filipinos living in National Capital Region experienced a faster uptick in prices at 8.3 percent, while those outside the capital felt inflation at 8 percent.

Inflation for poorest families is computed using 2000 as the base year, and is therefore not comparable with that of overall inflation, which averaged 6.4 percent in August using year 2012 as base.

That said, the data showed that the poor are the most vulnerable to accelerating inflation, which government officials are struggling to temper this year. In Metro Manila alone, food prices rose 7.

3 percent for the poor, faster than July's 6.4 percent.

The bulk of the poor's earnings are spent for food. Broken down, figures showed rice prices rose 3.

6 percent, while that of meat and fruits and vegetables increased a faster 7.2 percent and 15 percent, respectively.

Outside the capital, meanwhile, food inflation reached a higher 7.8 percent.

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Publication:Philippines Star (Manila, Philippines)
Geographic Code:9PHIL
Date:Oct 22, 2018
Words:302
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