The rate of increase in consumer prices last month slowed, the Philippine Statistics Authority (PSA) reported on Thursday, August 5.
The headline inflation at the national level decelerated further to 4.0 percent in July from 4.1 percent the previous month.
Last month’s average price increase was within the government’s full-year target range of between 2.0 percent and 4.0 percent.
Moreover, the figure is within the Bangko Sentral ng Pilipinas’ forecast of 3.9 percent to 4.7 percent for the month.
Excluding selected food and energy items, core inflation continued to move at a slower rate of 2.9 percent in July from 3.0 percent in June.
July’s inflation rate brought the country’s first seven-month average at 4.4 percent.#