Inflation slows to 6.2% in July

MANILA, Philippines — Inflation eased to 6.2 percent in July from 6.4 percent in June as softer oil prices curbed transport costs, the Philippine Statistics Authority said Wednesday.

The July print was lower than the 6.4-percent median estimate of 14 economists surveyed by the Inquirer and fell within the Bangko Sentral ng Pilipinas’ (BSP) 5.6 to 6.6-percent forecast range.

READ: Poll: Inflation likely stayed at 6.4 pct. in July

Inflation has now eased for three straight months after peaking in April amid the Middle East war.

However, the average inflation for the first seven months of the year stood at 5 percent, which is still well above the BSP’s 3-percent target.

The PSA attributed the slowdown mainly to a softer increase in transport costs, which eased to 11.9 percent in July from 12.8 percent in June. This was driven by slower inflation for gasoline, which decelerated to 34.1 percent from 39.2 percent in the previous month.

READ: BSP sees inflation holding above target in July

Education services also contributed to the downtrend, with inflation slowing to 1.9 percent from 4 percent. Inflation for tertiary education eased to 1.8 percent from 3.8 percent, while primary education slowed to 1.8 percent from 4.6 percent and secondary education to 1.6 percent from 3.6 percent. /pai INQ