Philippine inflation eased further to 4.7% in July

MANILA  -Inflation in the Philippines slowed for the sixth straight month in July to 4.7 percent, and averaged 6.8 percent since January, according to the Philippine Statistics Authority.

The result for June is within the forecast range of the Bangko Sentral ng Pilipinas, which was 4.1 percent to 4.9 percent.

National Statistician Dennis Mapa said the continued slowdown of headline inflation was mainly due to slower increases in prices electricity, home rentals, and liquefied petroleum gas; meat, fish and other seafoods; and sugar, confectionery and desserts; as well as road transport and air fares.

The BSP expects the monthly readout to ease into the target band toward the end of the year, and likely even go below the lower end range in early 2024.