July Inflation Eyed at 3.9% to 4.7%

The Bangko Sentral ng Pilipinas (BSP) eyes the July increase on the rate of prices at a range between 3.9 percent and 4.7 percent, with an average of 4.3 percent.

The inflation rate for this month is in part due to factors such as increases in electricity rates, specifically in areas under Manila Electric Company (Meralco) service, and the depreciation of the Philippine peso against the United States dollar recently, according to BSP Governor Benjamin Diokno in a Viber message to journalists, via PNA.

The inflation rate has seen a deceleration in recent months, as the 4.7 percent inflation rate in February 2021 was reduced to just 4.1 percent in June.

Meanwhile, the average inflation rate for the first half of 2021 was recorded at 4.4 percent.

The said average inflation rate was higher that of the target band of the national government which was at 2 percent to 4 percent until the year 2023. (GFB)