SUMMARY
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MANILA, Philippines – Inflation fell to its lowest level in nearly 4 years in July due to lower price increases for utilities and select commodities.
Data from the National Statistics Office (NSO) showed inflation eased to 2.5% in July from 2.7% in June. July’s figure was the lowest since September 2009, when inflation stood at 2.3%.
The NSO said indices of alcoholic beverages and tobacco; clothing and footwear; and housing, water, electricity, gas and other fuels – among others – posted slower annual price growths.
The latest inflation figure was also near the low end of the Bangko Sentral ng Pilipinas’ (BSP) projection of 2.2-3.1%.
BSP Governor Amando Tetangco said benign inflation gives the central bank room to further adjust its interest rates, if needed, “to address possible effects of changes in the growth trajectory of our main trading partners, including US, Japan and China.” – Rappler.com
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