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In July 2024, the Philippines saw its inflation rate tick up to 4.4%, a jump from the 3.7% recorded in June. This increase marks a shift from the previous year’s July rate of 4.7%. The national average inflation for the first seven months of 2024 stands at 3.7%.

So, what’s behind this rise? The primary culprits are the noticeable increases in housing, utilities, and fuel costs, which surged to 2.3% in July from just 0.1% the month before. Food prices also continued to climb, with the cost of essentials like fruits and meat driving up the food and non-alcoholic beverages index to 6.4%.

Other areas feeling the pinch include transport and education, with inflation rates climbing to 3.6% and 5.8%, respectively. However, there were some areas where inflation rates eased, such as alcoholic beverages, clothing, and health.

When it comes to food inflation, it’s worth noting that it increased to 6.7% from 6.5% in June. This rise is largely due to higher prices for meat, fruits, and corn. On the flip side, the cost of rice and vegetables saw slower growth, providing some relief to consumers.

Core inflation, which excludes volatile food and energy prices, slowed to 2.9%, a decrease from 3.1% the previous month. This indicates that while some essential costs are rising, there’s been a slight easing in other areas.

In terms of regional differences, the National Capital Region (NCR) saw inflation rise to 3.7% in July from 2.3% in June. Areas outside NCR (AONCR) also experienced a rise, with inflation reaching 4.6%. The Bangsamoro Autonomous Region in Muslim Mindanao and Northern Mindanao recorded the highest regional inflation rates, while Ilocos Region had the lowest.

Overall, while inflation is up from last month, it’s still lower than the same period last year, and some regions are experiencing more significant impacts than others.