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Financial News: Philippine Inflation Eases Unexpectedly To 3.7%

Philippine Inflation Eases Unexpectedly To 3.7%

07/05/2024 - 03:38:00 (RTTNews)

(RTTNews) - The Philippines' consumer price inflation moderated slightly in June to the lowest level in three months, data from the Philippine Statistical Authority showed on Friday.

The consumer price index, or CPI, climbed 3.7 percent year-over-year in June, slower than the 3.9 percent rise in May. Meanwhile, economists had forecast inflation to remain stable at 3.9 percent.

Moreover, inflation remained within the central bank's target range of 2 to 4 percent.

The core inflation rate, which excludes the prices of selected food and energy items, remained stable at 3.1 percent.

The annual price growth in utility costs eased to 0.1 percent in June from 0.9 percent in May. Similarly, transport charges grew at a slower rate of 3.1 percent versus 3.5 percent gain the prior month.

On a monthly basis, consumer prices remained flat in June, while prices were expected to rise by 0.2 percent.

"Today's inflation decline, and the anticipated declines in the months ahead will make it easier for the BSP doves, including Governor Eli Remolona, to argue for rate cuts," Robert Carnell, an economist at ING, said.

"Remolona has been hinting at an August cut for some time, though the weakness of the PHP has been a major constraining factor, as have circulating doubts about the timing of the Fed's first rate cut."

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