Inflation in the country soared again from 3.7% in June to 4.4% in July. This is mainly due to the drive of the electric companies to raise their charges.

In June, the Energy Regulatory Board ordered electricity companies to hold back implementing the almost P4/kwh increase in one go but instead implement the surge in increments. After a month’s delay, the increase was imposed in July, and is expected to continue in August and September.

Petroleum products prices increased twice in July. In the first week of July, oil increased by ₱0.95, ₱0.35 and ₱0.65 per liter for gasoline, kerosene and diesel, respectively. On June 18, gasoline prices increased by ₱1.90/liter and diesel by ₱2.10 and kerosene by ₱1.80, respectively. A small decrease was implemented twice resulting into net increase of gasoline prices by ₱2.25/liter; diesel by ₱1.2/liter; while kerosene prices dropped by ₱1.40.

Apart from electricity and oil, the price of food prices, especially rice, continued to rise, despite the Marcos regime’s promises of cheap rice. The average price of rice is still at ₱50.90/kilo, and this will not go down soon for the majority of Filipinos. The regime’s schemes are very limited and purely palliative. Worse, these are dependent on imported rice to the detriment of local production.

Food inflation increased by three points, from 8% to 8.3%. This is most felt by the 30% poorest Filipino families whose incomes are largely spent on food. The PSA itself said the inflation rate for the poorest section of society increased from 5.5% in June to 5.8%. This is the highest for this section this year. It is also higher than the 5.2% inflation in July 2023.