In the EU the average annual inflation rate
was 1.4 percent and in the euro area 1 percent in July.
Colmenares said that it is possible that higher prices would again burden consumers because of the higher inflation rate
in January 2019 compared to January 2018.
Upper West Region recorded the highest year-on-year inflation rate
of 11.6 per cent, while the Upper East Region recorded the lowest year-on-year inflation rate
of 8.3 per cent in October 2018.
If the peso devalued by 8 percent against the US dollar since the start of the year, this benefit is offset against the inflation rate
, which is now at 6.4 percent.
Filipinos in the Bicol Region was hit the hardest at 9 percent while the Autonomous Region in MuslimMindanao, which has strife-torn communities, felt an inflation rate
of 8.1 percent.
"The regional inflation rate
was 0.2 percentage point higher than the 5.7 percent national average in July," Perante said.
NAN reports that base effect relates to inflation in the corresponding period of the previous year; if the inflation rate
was too low in the corresponding period of the previous year, even a smaller rise in the Price Index will arithmetically give a high rate of inflation now.
Meanwhile the Central Agency for Public Mobilisation and Statistics (CAPMAS) said that December 2017 has witnessed a decline in the annual inflation rate
of about 4.4% compared to December 2016.
When compared to the inflation rate
a year previously, the inflation rate
bottomed out two months ago (in Khordad, ending June 20) at 6.8 percent and has since risen steeply to 8.1 percent in Tir (ending July 21) and then to 9.4 percent in Mordad (ending August 21).
The CBoS attributed the decline in inflation rate
to the decrease in the average price of some components of the food and drinks group which amounts to 52.9% of the total consumer spending in spite of the price increase of the other goods and services groups which amounts to 47.1% of the total consumer spending.
from those produced abroad, the low inflation rate
of CPI goods prices seems to be partly due to low inflation rates
for the prices of imported goods: the inflation rates
of separate BLS indexes of import prices are very low.