Philippines Inflation Likely Above Target in July
The Bangko Sentral ng Pilipinas (BSP) anticipates that inflation in July will remain elevated, likely ranging between 5.6% and 6.6% year-on-year, significantly exceeding its target. Rising fuel and electricity costs, coupled with peso depreciation, are identified as key drivers. While the BSP has implemented interest rate hikes, it maintains a cautious approach regarding aggressive increases.
This article requires PRO
This article is outside the free access window or is a special report. PRO unlocks it and the full archive.
Related articles
- Philippine Economy Likely Slowed to 2.7% in Q2 Amid Inflation, Spending Woes
Philippine economic growth likely slowed to 2.7% in the second quarter of 2023, its weakest pace outside the pandemic in nearly two decades, as inflation squeezed consumers and government spending remained hobbled. Economists cite weak private consumption and investment as key drags.
- Customs Exceeds July Target Amid Strict Assessment, Port Performance Boost
The Bureau of Customs (BOC) collected approximately P85.77 billion in July, exceeding its target by P3.77 billion. This achievement is attributed to stricter assessments and improved performance at ports, continuing the agency's streak of revenue surpluses.
- Philippine July Inflation Seen Steady by Economists Amid Lingering Price Pressures
Economists largely predict that the Philippines' July inflation rate will remain steady at 6.4%, unchanged from June. While rising fuel, electricity, and some food costs are expected to be offset by lower prices for rice and other food items, concerns persist over inflation remaining elevated above the central bank's target range.
- Philippine Shares Tumble Amid Cautious Trading, Data Deluge
The Philippine stock market declined for a second straight session as investors adopted a cautious stance ahead of key macroeconomic data releases next week. Record-high government debt and heightened US-Iran tensions also weighed on market sentiment.