June’08 inflation push to 11.4%

MANILA, July 5 (PNA) – Spiraling price increases of basic commodities caused the June 2008 inflation to rise at double-digit for the first time this year at 11.4 percent, almost near the 11.5 percent in May 1994.

The recent figure is also higher than the 10.4 percent to 11.2 percent forecast of the Bangko Sentral ng Pilipinas (BSP) and the 9.5 percent revised rate of price increases last May, data released by the National Statistics Office (NSO) Friday showed.

Year-ago inflation figure is far behind at 2.3 percent.

This brings to 7.6 percent the average inflation in the first six months of the year.

Relatively, core inflation, which excludes volatile items like food and energy, is now at 6.6 percent from 6.2 percent in the previous month.

Average core inflation for the first half of the year stood at 5.1 percent, the government reported.

Inflation in the National Capital Region (NCR) went up by 9.2 percent last June from 8.3 percent in the previous month due to higher price increases in all commodity groups except for clothing and fuel light and water (FLW).

On the other hand, inflation in areas outside NCR (AONCR)stood at 12.3 percent from 10.1 percent in May due to higher inflation rates in all commodity groups.

Month-on-month, inflation rates in all items nationwide jump by 2.3 percent in June from 1.5 percent last May.