Philippine inflation picks up slightly in June, paving way for potential rate cuts
Annual inflation in the Philippines increased slightly in June, driven by higher utility costs but remaining below the central bank's target range. This could lead to further interest rate cuts to support economic growth.
Philippine annual inflation slightly quickened in June due to increased utility costs but remained below the central bank's target range, allowing for potential interest rate cuts to boost economic growth.
The consumer price index rose by 1.4% year-on-year in June, slightly higher than May's 1.3% but below the forecasted 1.5% increase.
Year-to-date average inflation stood at 1.8%, below the central bank's 2% to 4% target for 2025.
The rise in prices was driven by housing, water, electricity, gas, and fuel costs, offset by a significant drop in rice prices.
Core inflation, excluding food and energy prices, remained steady at 2.2% in June.
The central bank may cut rates further this year to support economic activity, with the next policy meeting scheduled for August 28.
Source: thestar.com.my.
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