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Philippines: Inflation steadies at 1.9% in July
Philippines: Inflation steadies at 1.9% in July
Saturday, August 6, 2016 – Consumer prices remained stable with inflation falling below two percent in July due to a productive economy, low oil prices and adequate domestic liquidity.
Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said inflation was steady at 1.9 percent in July, the same rate posted in June, and was within the central bank’s forecast range of 1.5 to 2.4 percent.
“This supports our view that monthly inflation will creep to within target range, with full year average just at or slightly below the lower bound for 2016,” Tetangco said.
The BSP has set an inflation target of two to four percent between 2016 and 2018. Inflation averaged 1.4 percent from January to July.
“The manageable inflation trend in the first seven months of 2016 is expected to continue for the rest of the year considering the expanding productive capacity of the domestic economy, persistently low oil prices, solid private household consumption and investment, buoyant business and consumer sentiment, and adequate credit and domestic liquidity,” Socioeconomic Planning Secretary and NEDA director general Ernesto Pernia said. Read More?