Inflation in August likely rose to 5 percent from 4.7 percent in July on elevated global oil prices and the
Rizal Commercial Banking Corp. chief economist Michael Ricafort said world rice prices were among 15-year highs on warmer weather and reduced rainfall in some rice-exporting countries.
“The net increase in oil/fuel prices since July 2023 could lead to higher prices of other goods and services in the economy [passed on costs] that could lead to some pick up in overall inflation,” Ricafort said. The Philippine Statistics Authority reported that inflation in July eased to a 16-month low of 4.7 percent from 5.4 percent in June, pulled down by slower year-on-year increase in housing, water, electricity, gas and other fuels at 4.5 percent from 5.6 percent.
The July 2023 inflation was also slower than 6.4 percent a year ago. This brought the average inflation in the first seven months to 6.8 percent, still higher than the target range of 2 percent to 4 percent for 2023.Bangko Sentral ng Pilipinas Governor Eli Remolona earlier said there was still room for local monetary authorities to increase the prevailing interest rates, if needed, without contracting the economy.
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