Philippine inflation slows for sixth straight month in July

MANILA (Reuters) – Philippine annual inflation eased for a sixth straight month in July, the statistics agency said on Friday, reflecting slower increases in food and utility costs.

The consumer price index rose 4.7% in July, its slowest annual increase since March 2022, but the inflation rate remained above the central bank’s 2% to 4% target for the year.

Headline inflation for January to July averaged 6.8%.

Economists in a Reuters poll had forecast the consumer price index would rise by 5.0% for July, above the central bank’s projection for a 4.1% to 4.9% rise for the month.

Core inflation, which strips out volatile food and fuel items, slowed to 6.7% in July, falling from 7.4% in the previous month.

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