NextGen Day

Due to decreased food costs, headline inflation will likely further slow in June to 5.3 percent from 6.1 percent in May, according to an economist.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corporation (RCBC), told the Philippine News Agency over Viber that year-to-date inflation is expected to end at 5.6 percent.

“Some food prices continued to ease recently on better weather conditions during the dry season and in the early part of the rainy season that led to increased planting that increased local food supplies, with some glut seen in other agricultural products, which helped in lowering food prices,” he said.

According to Ricafort, inflation is anticipated to continue declining over the upcoming months, maybe leveling off at 4% in the third quarter and 3% by the end of the year.

According to him, inflation might fundamentally enable higher future economic growth with less pull from inflationary pressures.

According to Ricafort, offsetting risk factors may cause a slight price increase and slow the year-over-year decline.

Higher prices for power, water, and other utilities will contribute to inflation in the upcoming months. Higher pork prices will result from African swine fever (ASF), which has spread to more provinces, particularly in the southern Philippines.

El Nio drought, particularly in the latter part of 2023 to early 2024, could reduce food production and supplies, including rice. This could result in price increases and overall inflation, particularly given rice’s high weight in the basket.

The Philippine Statistics Authority will present the official inflation data for June 2023.

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