Philippine inflation continued to slow down for the third straight month, easing to 6.2% in July after hitting a more than three-year high of 7.2% in April, the Philippine Statistics Authority (PSA) reported on Wednesday, August 5.
The July print came in lower than June’s 6.4%, though it remains well above the 0.9% rate recorded in the same period last year.
Year-to-date inflation from January to July averaged 5%, staying above the government’s target band of 2% to 4% for price stability and growth.
According to National Statistician Claire Dennis Mapa, lower transport costs—driven mainly by declining fuel prices—served as the primary catalyst for the slowdown.