Philippines Headline Inflation Eases to 3.7% in June
Inflation in the Philippines has eased to 3.7% in June 2024, from 3.9% in May 2024, according to the latest figures from the Philippine Statistics Authority (PSA).
The headline inflation rate, which measures the overall price level of goods and services purchased by households, has been on a declining trend since reaching a peak of 4.9% in February 2024. The easing of inflation in June was driven by slower price increases in food, non-alcoholic beverages, and transport.
The seasonally adjusted Consumer Price Index (CPI) for all items posted a zero percent monthly rate in June 2024, from a 0.3% increase in May 2024. This indicates that prices remained relatively stable over the month.
The easing of inflation in the Philippines is a positive sign for the economy, as it suggests that the Bangko Sentral ng Pilipinas (BSP) may be able to pause its aggressive interest rate hiking cycle. However, the BSP has warned that inflation remains above its target range of 2-4%, and that further interest rate increases may be necessary to bring inflation back to the target.
The next inflation report from the PSA is scheduled to be released on August 3, 2024.
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