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Philippines inflation rate steady at 1.9% yoy in July

Staff Writer |
Consumer prices in Philippines rose 1.9% year-on-year in July of 2016, the same pace as in June and below market expectations of 2.1%.

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Prices of food and non-alcoholic beverages rose at a slower pace while cost of housing and utilities declined less than in a month earlier.

Year-on-year, prices of heavily-weighted food and non-alcoholic beverages went up 2.7% from 2.9% in June. Cost also increased for: alcoholic beverages and tobacco (+5.8% from +5.7%), and clothing and footwear (+2.5% from +2.5%).

An increase was in furnishing, households equipment and routine maintenance (+2.0% from +1.8%), health (+2.4 from +2.5%), communication (+0.1% from +0.2%), recreation and culture (+1.8% from +1.7%), education (+1.8% from +1.9%) and restaurant and miscellaneous goods and services (+2.3% from +2.3%).

In contrast, cost fell for housing, water, electricity, gas and other fuels (-0.2% from -0.4%) and transport (-0.1% from -0.1%).

Core consumer prices also rose 1.9% from a year earlier, unchanged from the preceding month and in line with consensus.

On a monthly basis, consumer prices rose 0.1%, slowing from a 0.4% rise in June.

It was the lowest inflation rate since March. Prices increased for: food and non-alcoholic beverages (+0.2%), alcoholic beverages and tobacco (+0.3%), clothing and footwear (+0.2%); housing, water, electricity, gas and other fuels (+0.2%); furnishing, households equipment and routine maintenance (+0.2%), health (+0.3%), recreation and culture (+0.2%) and restaurant and restaurant and miscellaneous goods and services (+0.2%).

While cost of transport dropped by 0.2%, cost remained unchanged for communication and education.


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