Headline inflation eased to 6.4 percent in June from 6.8 percent in May, according to the Philippine Statistics Authority, extending the recent moderation in consumer prices. Food inflation likewise slowed to 5.4 percent from 5.8 percent as increases in the prices of key staples eased.
Rice inflation decelerated to 15.0 percent in June from 15.6 percent in May, while fish inflation slowed to 7.8 percent from 8.8 percent. Meat prices also posted a steeper decline, helping temper overall food inflation.
Food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 2.0 percentage points of the June rate.
The easing in food prices also provided some relief to lower-income households. Inflation for the bottom 30 percent of income earners slowed to 8.0 percent in June from 8.4 percent in May, indicating that moderating prices of essential goods are beginning to ease cost-of-living pressures on the country's most vulnerable families.
"The latest inflation numbers show that keeping food affordable delivers real benefits to Filipino families, especially those who spend a large portion of their income on basic necessities," Tiu Laurel said.
"We must continue ensuring adequate supply, efficient distribution, and reasonable prices, particularly for rice, so inflation remains manageable while consumers and farmers alike are protected."
Food remained the biggest driver of inflation in June. Cereals and cereal products, including rice, accounted for 68 percent of food inflation, followed by fish and seafood at 25 percent and vegetables at 15 percent.