Philippine Central Bank: Inflation rate in July may decrease to 0.5%-1.3%

The Central Bank of the Philippines has indicated that the inflation rate in July may slow down to a range of 0.5% to 1.3% year-on-year from 1.4% in June. The upward price pressures for the month may be driven by increases in meat and vegetable prices, partially due to unfavorable weather conditions. Other factors include the rise in electricity prices, high domestic fuel costs, and the depreciation of the peso. However, the continued decline in rice prices may partially offset these price pressures.