Cheaper food items, electricity prices, and the appreciation of the peso may have helped cool down inflation to below 5 percent in July, according to the Bangko Sentral ng Pilipinas (BSP). Know more:
CHEAPER food items, electricity prices, and the appreciation of the peso may have helped cool down inflation to below 5 percent in July, according to the Bangko Sentral ng Pilipinas .
Inflation has been trending downward since it peaked at 8.7 percent in January 2023. The increase in commodity prices slowed to 5.4 percent in June 2023. BSP said, however, that inflation has continued on the back of higher prices of rice and vegetables as well as higher domestic oil prices, which are the primary sources of upward price pressures in July.
BSP Deputy Governor Francisco Dakila Jr. earlier said the BSP expects inflation to continue to slow to 2.9 percent next year, which is within the target range of 2 percent to 4 percent.
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