Philippines' inflation rate dropped to a five-year low in July
Manila, August 5th, China News Service (Reporter Zhang Xinglong) - Data released by the Philippine National Statistics Office on the 5th shows that the country's inflation rate in July dropped to 0.9%, down 0.5 percentage points from June and reaching the lowest level since November 2019.
The data indicates that from January to July this year, the average inflation rate in the Philippines was 1.7%, lower than the government's target range of 2% to 4% for the year.
The main reason for the slowdown in inflation in the Philippines in July was that the year-on-year growth rates of housing, water, electricity, gas and other fuel prices narrowed, from 3.2% last month to 2.1%. At the same time, the prices of food and non-alcoholic beverages changed from a year-on-year increase of 0.4% last month to a year-on-year decrease of 0.2%. The year-on-year decline in transportation prices expanded from 1.6% last month to 2.0%, all of which had a downward impact on overall inflation.