Philippines Food Inflation

Food prices in the Philippines increased by 3.9% year-on-year in August 2024, slowing sharply from a 6.4% gain in the prior month while marking the softest rise since January. Inflation moderated for rice (14.7% vs 20.9% in July), flour, bread, pasta, and other cereals (2.4% vs 2.6%), meat (4.0% vs 4.8%), and ready-made food and other food products N.E.C. (5.5% vs 6.0%). Simultaneously, cost declined further for fish and other seafood (-3.1% vs -0.8%), oil and fats (-2.0% vs -2.6%), and sugar, confectionery & desserts (-2.8% vs -2.9%). In addition, prices of vegetables and pulses decreased 4.3% after adding 6.1% in July. By contrast, inflation accelerated for corn (18.4% vs 17.5%), milk, dairy products & eggs (3.2% vs 1.8%), and fruits & nuts (9.4% vs 8.4%).