The Bangko Sentral ng Pilipinas (BSP) announced Monday, July 31, that inflation for the month of July will likely fall below five percent for the first time in 16 months on the back of a strong peso and lower prices of selected food items as well as LPG.
The BSP is projecting a low of 4.1 percent July consumer price index to a high of 4.9 percent. The actual July CPI will be released on Friday, Aug. 4. In June, inflation decelerated to 5.4 percent from 6.1 percent in May.
Meanwhile, factors that could bring July CPI to the high end of the forecast will come from the higher prices of rice and vegetables. The higher domestic oil prices is also one of the primary sources of upward price pressures in July, said the BSP. As of the latest Monetary Board inflation forecasts, the BSP expects inflation will hit 5.4 percent for 2023 and 2.9 percent for 2024.
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