MANILA – Inflation in the Philippines decelerated for the sixth consecutive month in July, dropping to 4.7 percent. Since January, the average inflation rate has been 6.8 percent, as reported by the Philippine Statistics Authority.
The June figure falls within the forecast range of the Bangko Sentral ng Pilipinas, which predicted inflation to be between 4.1 percent and 4.9 percent.
National Statistician Dennis Mapa attributed the continued slowdown in inflation to smaller price hikes in electricity, home rentals, liquefied petroleum gas, meat, fish, seafood, sugar, confectionery, desserts, road transport, and air fares.
The Bangko Sentral ng Pilipinas expects inflation to gradually decline and reach the target range by the end of the year, possibly falling below the lower end of the range in early 2024.
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