“The continued increase in domestic oil prices, upward adjustment in electricity rates, higher prices of key food items and peso depreciation are the primary sources of inflationary pressures during the month. These could be offset in part by-- Read more👇
It said in a statement the June inflation rate likely settled within a range of 5.7 percent to 6.5 percent. The Philippine Statistics Authority will release the official June inflation rate next week.
The peso slumped to the 55-a-dollar level this week, the lowest in more than 16 years, as investors preferred the greenback following the aggressive interest rate adjustment made by the US Federal Reserve. This brought inflation in the first five months to 4.1 percent, slightly higher than the upper end of the target range of 2 percent to 4 percent for the year.
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