Tomato, Cooking Oil Prices Climb in Mid-July; Pork, Rice Dip

The Philippine Statistics Authority (PSA) reported on the movement of consumer prices during the period of July 15 to 17, referred to as the second phase of July. It was revealed that prices for tomatoes and cooking oil increased month-on-month during this period. Specifically, tomato prices reached P115.26 per kilogram, marking a 36.4% increase from the previous month and a 50.5% rise year-on-year. Cooking oil prices also saw an increase, reaching P199.44 per liter, up 0.3% from a month earlier and 9.2% year-on-year. Additionally, prices for bangus (milkfish) and imported ginger both rose by 0.2% month-on-month. Year-on-year, bangus prices rose 5.5% while imported ginger prices fell 7.6%. On the other hand, calamansi prices experienced the largest decrease among all commodities, falling by 4.4% to P98.66 per kilogram. They were up 9.9% from a year earlier. Fresh bone-in pork prices declined by 1.2% month-on-month to P306.16 per kilogram. They were also down 9.4% from a year earlier. Well-milled rice prices decreased by 0.8% month-on-month to P55.69 per kilogram, although they remained 15.5% higher year-on-year. These price movements suggest the complexity of inflationary pressures in the Philippine economy. While the government aims to stabilize food prices, global supply chain issues and domestic weather conditions may be influencing price increases for certain items. The rise in prices for tomatoes and cooking oil, in particular, directly impacts household food expenses, making future trends a subject of close observation. — Marron Joshua F. Mendoza