The rate of increase in consumer prices slightly eased to 3.7 percent in June from the 3.9 percent recorded in May, the Philippine Statistics Authority (PSA) reported.

In its latest inflation report, the PSA said this figure is attributed to slower growth in transport and electricity prices during the month.

June inflation brought the six-month average to 3.5 percent, within the updated government’s target band of three percent to four percent this year.

The growth of electricity prices slowed to -13.6 percent from -8.5 percent, while gasoline had a 2.3 percent reduction amid a rollback in prices in early June.

Despite rice inflation slowing down to 22.5 percent in June from 23 percent, it remained the biggest contributor to inflation, with a 45.2 percent share.

According to the PSA rice price monitoring list, regular milled rice posted a slight uptick of P51.07 per kilogram from P51.03 in May.

Likewise, special rice increased to P64.56 per kilogram from P64.41 in May and P54.46 in the same month last year.

The average price of a kilogram of well-milled rice was P55.96, down from P56.06 in May but still higher than P44.99 in June 2023.

PSA Undersecretary Claire Dennis S. Mapa said the government’s rice tariff cut has not yet impacted prices, noting that they will also have to consider headwinds such as the exchange rate and world prices.

“But definitely the reduction in the tariff, all things being the same, we would expect that there will be reduction in the price of rice,” Mapa added.

National Economic and Development Authority Secretary Arsenio M. Balisacan said that the goal to lower inflation in the coming years will be achieved by implementing monetary policy measures and well-targeted government interventions to address the primary drivers of inflation.

"We also thank the Department of Social Welfare and Development (DSWD) for distributing PhP1.37 billion in cash assistance to farmers and fisherfolk affected by El Niño, with each recipient receiving PHP10,000 under the Ayuda sa Kapos ang Kita Program (AKAP). In addition to cash assistance, family food packs were also provided to the affected families and individuals nationwide,” Balisacan said.