PHL Statistics Authority - Inflation rate nitong Hulyo, bumilis sa 4.4% | Balitanghali

Summary

In July 2024, the Philippine Statistics Authority reported a slowing inflation rate of 4.4%, the highest in 2024. The main drivers were increased housing, water, electricity, and fuel prices, along with food items like meat, fruits, and seafood. The Department of Agriculture is distributing fuel subsidies to thousands of farmers from August to September to ensure food supply and support vulnerable sectors amidst rising inflation.

Takeaways

• 📈 The inflation rate in the Philippines accelerated to 4.4% in July, the highest rate recorded in 2024 according to the Philippine Statistics Authority (PSA).
• 🏠 The increase in inflation was primarily driven by the rising prices of housing, water, electricity, and petroleum products.
• 🚗 A faster rise in gas prices and other petroleum products contributed significantly to the higher inflation rate.
• 🥩 The prices of food items such as meat, fruits, fish, and other seafood also increased at a quicker pace.
• 💡 The rapid increase in utility costs, including water and electricity, further fueled the inflation rate.
• 🚜 In response, the Department of Agriculture plans to distribute fuel subsidies to thousands of farmers from August to September.
• 🍚 The National Economic and Development Authority (NEDA) announced that measures are being taken to ensure sufficient food supply and support for vulnerable sectors.
• 🌾 The government aims to help mitigate the impact of rising prices on farmers and other affected sectors.
• 📊 NEDA emphasized the importance of providing support to sectors most affected by the inflation surge.
• 📰 Viewers are encouraged to follow GMA Integrated News on YouTube and GMA Pinoy TV for more updates on the latest developments.

Q & A

What was the inflation rate in the Philippines in July 2024?

The inflation rate in the Philippines in July 2024 was 4.4%, according to the Philippine Statistics Authority.

How did the inflation rate in July 2024 compare to previous months?

The inflation rate in July 2024 increased compared to June, making it the highest inflation rate so far in 2024.

What were the primary drivers of the inflation increase in July 2024?

The primary drivers of the inflation increase were the faster rise in housing, water, electricity, gas, and other petroleum products, as well as the higher prices of food like meat, fruits, fish, and other seafood.

What measures is the government taking to address rising inflation?

The government, through the National Economic and Development Authority (NEDA), announced that the Department of Agriculture will distribute fuel subsidies to thousands of farmers from August to September.

What actions are being taken to ensure food security during this inflationary period?

The government has implemented measures to ensure sufficient food supply and provide support to vulnerable sectors.

How are rising fuel prices affecting inflation in the Philippines?

Rising fuel prices are contributing significantly to inflation, as they impact the cost of transportation, electricity, and other goods dependent on petroleum products.

Which specific food items saw price increases that contributed to inflation?

The prices of meat, fruits, fish, and other seafood saw significant increases, contributing to the overall inflation rate.

What government agency provided the inflation data for July 2024?

The Philippine Statistics Authority (PSA) provided the inflation data for July 2024.

When is the Department of Agriculture expected to distribute fuel subsidies to farmers?

The Department of Agriculture is expected to distribute fuel subsidies to farmers from August to September 2024.

How can Filipinos abroad stay updated on the latest news from the Philippines?

Filipinos abroad can stay updated on the latest news through GMA Pinoy TV or by visiting the GMA News website at www.gmanews.tv.