6-8-2024 (MANILA) The Philippines experienced a sharp uptick in its annual inflation rate for July, reaching 4.4%, as reported by the country’s statistics agency on Tuesday. This figure marks a significant acceleration from June’s 3.7% and has caught many economists off guard.
The latest inflation data has surpassed market predictions, with a Reuters poll of economists forecasting a more modest increase to 4.1%. The actual figure not only exceeded these expectations but also landed near the upper end of the central bank’s projected range of 4.0% to 4.8%.
