In July, consumer prices added 0.08% over the previous month, following the 0.48% increase observed in June, according to the new 2006-based CPI series. The result mainly reflected a subdued increase in food prices (July: +0.15% month-on-month; June: +0.22% mom), the CPI's largest component, as well as a decline in prices in the housing, water, electricity and gas category (July: -0.25% mom). Annual headline inflation inched down from 5.2% in June to 5.1% in July, which was a notch above market expectations of 5.0%. Meanwhile, annual core inflation, which excludes the price volatility associated with items such as oil and food, fell from 4.0% in June to 3.7% in July. Annual average inflation, which is the reference rate used by the Central Bank to conduct monetary policy, rose from 4.2% in June to 4.4% in July. Currently, annual average inflation lies within the 1% tolerance margin around the 4.0% target rate set by the Bank for 2011. On 28 July, before the release of the latest CPI figure, the Central Bank left the benchmark interest rate unchanged at 4.50% for a second consecutive month.
Inflation drops a notch in July
August 5, 2011
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Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.