Philippine Inflation Eases To 4.7%, Lowest In 16 Months

(RTTNews) - The Philippines' consumer price inflation eased further in July to the lowest level in more than a year, largely driven by a fall in transport costs, data from the Philippine Statistical Authority showed on Friday.

The consumer price index, or CPI, climbed 4.7 percent year-over-year in July, slower than the 5.4 percent rise in June. Meanwhile, economists had forecast inflation to ease to 5.0 percent.

Moreover, this was the weakest inflation rate since March last year, when prices had risen 4.0 percent.

Nonetheless, inflation was still above the central bank's target range of 2 to 4 percent.

The core inflation rate, which excludes prices of selected food and energy items, also slowed to 6.7 percent in July from 7.4 percent in May.

The annual price growth for food and non-alcoholic beverages moderated to 10.9 percent in July from 11.6 percent a month ago. Similarly, prices for clothing and footwear increased at a slower rate of 4.8 percent versus a 5.1 percent gain in May.

Meanwhile, transport costs were 3.2 percent lower compared to last year.

On a monthly basis, consumer prices edged up 0.2 percent in July versus a 0.4 percent gain in June.