Philippine inflation accelerated for a second straight month in July as the easing of coronavirus lockdowns revived consumer demand, but price pressures remained subdued, giving the central bank room for further monetary policy easing if needed.
FILE PHOTO: A vendor surfs internet on her mobile phone as she waits for customers at a fruit stall at in Paranaque, Metro Manila, Philippines August 7, 2018. REUTERS/Erik De Castro
It was near the upper end of the central bank’s 2.2% to 3.0% forecast range, and faster than the median 2.5% estimate in a Reuters’ poll, which matched June’s rate.Tame inflation has allowed the central bank to cut interest rates PHCBIR=ECI by a total of 175 basis points this year to a record-low of 2.25% to help support a battered economy.
Bangko Sentral ng Pilipinas will consider inflation and second-quarter GDP data at its Aug. 20 policy meeting. Data on Thursday is likely to show a 9.0% GDP contraction in April-June, based on a Reuters poll, after a 0.2% drop in the first quarter.
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