Philippines’ inflation rate dips to 2.4pc in August

MANILA (Xinhua) – The Philippines’ headline inflation rate for August 2020 dipped to 2.4 per cent from 2.7 per cent the previous month, the Philippine Statistics Authority
said yesterday.

The Philippines’ national statistician Dennis Mapa said the slowdown in inflation in August was primarily due to the deceleration in the inflation for the heavily weighted food and beverages which slid at an annual rate of 1.8 per cent during the period, from 2.4 per cent in the previous month.

“This brings the year-to-date inflation for 2020 at 2.5 per cent,” Mapa said.

The Asian Development Bank forecasts the Philippines’ inflation rate at 2.2 per cent in 2020 and 2.4 per cent in 2021.