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Philippines Inflation Eases to 6.1% in August
Philippine inflation eased to 6.1% in August from 6.2% in July, driven by slower increases in food, housing, and utility costs. The rate remains above the central bank's target but within its projected range.
MANILA, Philippines — Inflation eased to 6.1 percent in August from 6.2 percent in July, the Philippine Statistics Authority (PSA) said on Friday. This marks the fourth straight month of deceleration since consumer prices peaked in April amid the Middle East war, bringing the year-to-date average to 5.2 percent. The August print remained well above the central bank’s 3-percent target but fell within its projected range of 5.5 percent to 6.5 percent. State statisticians said the main drivers of the deceleration were food costs, which slowed to 4.6 percent from 5.2 percent the previous month. Housing and utility prices likewise contributed after its rate cooled to 7.9 percent from 8.2 percent, as electricity inflation eased to 14.4 percent from 16.9 percent. /pai
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