BSP: July inflation seen at 5.6% to 6.6%

MANILA, Philippines — Philippine inflation likely stay above the central bank’s 3 percent target in July as higher fuel, power and fish prices offset easing food costs. In a statement on Friday, the Bangko Sentral ng Pilipinas said inflation will likely hit 5.6 percent to 6.6 percent in July. The upper end of the forecast suggests price growth may have accelerated from 6.4 percent in June. READ: Inflation eases to 6.4% in June “Upside price pressures during the month could stem from elevated domestic petroleum pump prices, higher electricity rates, increasing fish prices, and the depreciation of the peso against the strengthening US dollar,” the BSP said. READ: Marcos cites fuel price measures amid Middle East conflict “These pressures are expected to be mitigated by lower prices of key food commodities, including rice, meat, vegetables, and fruits,” it added. The government will release the July inflation data on Aug. 5. /pai INQ