According to data released by the Philippine National Bureau of Statistics on the 4th local time, the country’s inflation rate fell to 4.7% in July, slowing down for the sixth consecutive month.
Data show that the inflation rate in the Philippines in July narrowed by 1.7 percentage points compared with the same period last year, and fell by 0.7 percentage points month-on-month, which is the lowest value recorded since March 2022. Among them, the inflation rate in the National Capital Region was flat at 5.6% month-on-month, while the inflation rate outside the National Capital Region fell to 4.4% from 5.3% in June. In the first seven months of 2023, the average inflation rate in the Philippines will be 6.8%.
According to Mapa, an official from the Philippine National Bureau of Statistics, the main factors for the continued decline in the inflation rate in July include the slowdown in the price increases of housing rents, water, electricity, and liquefied petroleum gas.
Inflation in the Philippines fell back in the range of 4.1% to 4.9% previously forecast by the country’s central bank in July. However, the Central Bank of the Philippines assessed that factors such as continued tightness in the supply of major food products, the El Niño phenomenon, and an increase in transportation fees may pose upside risks to the future inflation outlook. The central bank will adjust monetary policy if necessary to prevent further expansion of price pressures.
Arsenio Balisakan, director of the Philippine National Economic and Development Bureau, said on the same day that although the inflation rate continues to decline, the government is still actively monitoring the supply and demand of major commodities in an effort to achieve a inflation rate of 2% to 4% by the end of this year. inflation target. He also pointed out that although the Philippines has recently encountered extreme weather such as typhoons, the government has taken measures to allocate resources to the affected areas, which is not expected to have a sustained impact on inflation and the economy in the second half of the year.
Balisakan pointed out that the newly established Inter-Agency Committee on Inflation and Market Outlook in the Philippines held a joint meeting on July 20 to discuss proposed policy adjustments to ensure a more stable supply of agricultural products and fully meet the daily needs of the people.
(Article source: China News Network)
Article source: China News Network
Philippine inflation falls to 4.7% in July, slowing for sixth straight month
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2023-08-04 07:12:19
