PH inflation hits new 5-yr high in July

Headline inflation rate accelerated to a fresh five-year high of 5.7 percent in July, the Philippines Statistics Authority (PSA) reported on Tuesday.

July inflation settled within the Bangko Sentral ng Pilipinas’ (BSP) 5.1 to 5.8 percent forecast range, but higher than the Department of Finance’s 5.3-percent estimate and the 5.5-percent average in a poll of economists by The Manila Times.

For the year to date, headline inflation remained above the Bangko Sentral’s 2.0-4.0 percent target for 2018 – at 4.5 percent – the highest in five years based on a revised data series using 2012 prices.

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