Philippine inflation rate eases to 4.7 per cent in July, lowest rate since March 2022

MANILA (Xinhua): Year-on-year inflation in the Philippines slowed for the sixth consecutive month to 4.7 per cent in July, the lowest rate since March 2022, the Philippine Statistics Authority (PSA) has announced.

PSA head Dennis Mapa said the main drivers that pulled down the July inflation were housing, water, electricity, gas, and other fuels at 4.5 per cent from 5.6 per cent in June; the food and non-alcoholic beverages at 6.3 per cent from 6.7 per cent; and transport, which decelerated to -4.7 per cent from -3.1 per cent in the previous month.