Food, Transport Prices Drive July Inflation to 6.4%

High food prices drove July inflation to 6.4%, official data released Friday showed and it's "hard to say" whether it has peaked, authorities said.

As reflected in restaurant and cafe menus, National Statistician Dennis Mapa said food inflation at 7.1% for the month was the main driver of the overall consumer price index. He cited prices of  chicken, fish, bread, and sugar.

Asked if inflation has peaked, Mapa said it was "hard to say" for now. Transport was also a major driver of prices for the month.

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Mapa attributed faster food inflation to supply chain problems and lower production of food staples. Transport costs grew by 18.1% annually from 17.1% in June.

July inflation is within the Bangko Sentral ng Pilipinas' projection of 5.6 to 6.4%, and brings the year-to-date inflation rate to 4.7%, above the target range of 2 to 4%.

Finance Sec. Benjamin Diokno last month said prices of goods and other basic commodities are expected to continue increasing as the government estimates inflation to remain "elevated" for the succeeding months.