Prices of rice and sugar ease in early July from their levels in June but cost of chicken and galunggong rose, results of the regular price monitoring of the Philippine Statistics Authority showed.
The PSA’s surveys to monitor prices of selected agricultural products are conducted twice a month—one is done in the first week of the month and the second during the third week.
The early-July survey showed the average retail price of a kilogram of regular milled rice at P51.01, down from P51.33 in early June and the P51.14 in the third week of June.
A kilo of sugar retailed at an average P86.51 in early July, lower compared with P87.19 in the third week of June and the P87.38 in the early part of June.
Retail prices for a kilo of chicken and galunggong were up at P198.85 and P196.31, respectively. Chicken prices were at P196.42 in early June and P195.81 in the second survey last month. Galunggong, meantime, retailed at P193.98 in early June and P196.22 in the third week of June.
Food accounts nearly half of a consumer basket, with rice as its major component, that determines inflation. The monetary policy of the Bangko Sentral ng Pilipinas is greatly determined by inflation given its primary mandate of ensuring price stability. Inflation surprisingly eased in June, giving the central bank scope to cut interest rates after series of aggressive increases.
