July’s consumer price index in the Philippines reached a 16-month low of 4.7%, down from June’s 5.4%, attributed to reduced housing, water, gas, and fuel prices.
However, the National Economic and Development Authority is urging vigilance amid external factors such as oil price increases, trade restrictions, and weather disturbances.
Despite this decline, the year-to-date average inflation rate stands at 6.8%, above the government’s desired range of 2% to 4%.
The government is actively monitoring key commodity supply and demand to achieve its year-end inflation target, while core inflation decreased to 6.7% in July.
