Philippines: Inflation falls in July to yet another record-low
August 5, 2015
In July, consumer prices rose a mild 0.1% over the previous month, matching June’s reading. July’s soft increase mainly reflected higher prices for food items.
Inflation dropped from 1.2% in June to yet another record low of 0.8% in July. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, edged down from 3.1% in June to 2.8% in July, which marked the lowest value since May 2004. Despite the drop, average inflation in July rested within the Central Bank’s inflation target range of 2.0% to 4.0%.
Core consumer prices, which exclude volatile items such as food and oil, in July rose 0.1% over the previous month, which mirrored June’s result. Finally, core inflation moderated from June’s 2.7% to 2.6% in July.