Philippines July Consumer Price Inflation Eases Further

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Consumer prices in the Philippines rose 0.2% year-on-year in July, much slower than a 1.5% rise in the preceding month, the National Statistics Office said Wednesday. Economists expected an increase of 0.5% in prices.

The statistical office said the easing of the headline inflation was mainly due to slower price rises for food, beverages and tobacco, as also declines in the utility and service prices.

Core consumer prices, which exclude food and energy items, climbed 3.6% on a yearly basis in July compared to a 3.9% rise in the previous month.

Month-on-month, consumer prices increased 0.3% in July, slower than a 0.6% rise in June and also economists' expectations of 0.4% increase.

Year-to-date, consumer prices climbed 4.3% year-on-year, while core consumer prices were up 5.1%.

(Market News Provided by RTTNews)