INFLATION decelerated further and would likely settle “within the 1.3-2.1 percent range” in August on the back of lower fuel, rice, and power prices, the Bangko Sentral ng Pilipinas (BSP) said on Friday.
In a statement, the central bank announced that its Department of Economic Research projected inflation rate “to settle within the 1.3-2.1 percent range” in August.
The projected range by the BSP’s Department of Economic Research was lower than the 5.7 percent inflation rate in the same month last year, and 2.4 percent in July.
The Philippine Statistics Authority (PSA) is set to release official August inflation data on September 5.
The BSP said “lower domestic prices for gasoline, diesel and kerosene, the continued decline in rice prices as well as the downward adjustment in electricity rates dampened inflation pressures during the month.” MAYVELIN U. CARABALLO