Philippine consumer price inflation accelerated further in July to reach its highest level in more than three-and-a-half years, mainly due to higher transport and food and beverage costs, data from the Philippine Statistical Authority showed on Friday.
Consumer prices climbed 6.4 percent year-over-year in July, faster than the 6.1 percent rise in June. That was also above the 6.2 percent increase expected by economists.
Moreover, this was the strongest inflation rate since October 2018, when prices had grown 6.9 percent.
Transport costs alone surged 18.1 percent annually in July and prices for food and non-alcoholic beverages registered an increase of 6.9 percent.
Prices for clothing and footwear increased 2.5 percent, while utility costs dropped notably by 5.7 percent.
On a monthly basis, consumer prices moved up 0.8 percent in July.
