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Philippines central bank sees July inflation easing for sixth month

Published 07/31/2023, 03:43 AM
Updated 07/31/2023, 03:45 AM
© Reuters. FILE PHOTO-Onions are displayed at a stall at a public market in Manila, Philippines, January 28, 2023. REUTERS/Lisa Marie David/File Photo

MANILA (Reuters) - Philippine headline inflation was expected to ease for a sixth straight month with the central bank on Monday projecting the rate in July to come in between 4.1% and 4.9%, down from 5.4% in June.

Ahead of the data release on Aug. 4, however, Bangko Sentral ng Pilipinas' (BSP) Governor Eli Remolona said on Friday it was too soon to declare victory in the battle to curb consumer price pressures, as core inflation, which was at 7.4% in June, remained high while upside risks persist.

© Reuters. FILE PHOTO-Onions are displayed at a stall at a public market in Manila, Philippines, January 28, 2023. REUTERS/Lisa Marie David/File Photo

In a statement, the BSP said lower electricity rates, declines in the prices of meat, fruits, and fish items, the rollback in cooking gas prices, and the peso appreciation could contribute to downward price pressures this month.

The BSP, which next meets on Aug. 17 to review policy, said it will continue monitoring developments affecting the outlook for inflation and economic growth in line with its data-dependent approach to monetary policy formulation.

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