5-7-2023 (MANILA) The Philippine statistics agency reported on Wednesday that the country’s annual inflation rate had eased for the fifth straight month in June, primarily due to a slower increase in food and transportation costs.
According to the consumer price index (CPI), the inflation rate stood at 5.4% in June. While this marked the slowest annual pace since April, it remained above the central bank’s target range of 2% to 4% for the year.
Economists had predicted a slightly higher CPI of 5.5% in June, falling within the central bank’s projection range of 5.3% to 6.1% for the month.
Furthermore, core inflation, which excludes volatile food and fuel items, decelerated from 7.7% in May to 7.4% in June (PHCPXY=ECI).
The average headline inflation for the first half of the year settled at 7.1%.
