2019.08.0523:31:00UTC+00Philippines Inflation Lowest Since 2017

Philippines inflation eased further in July to the lowest level seen since early 2017, the Philippine Statistics Authority reported Tuesday.

The headline inflation rate slowed to 2.4 percent in July from 2.7 percent in June. This was the weakest since January 2017 and a similar rate was logged in July 2017.

The slowdown was largely driven by costs of food and non-alcoholic beverages and housing and transport. Meanwhile, higher increases were seen in clothing and footwear and education.

Excluding selected food and energy items, core inflation continued to move at a slower pace of 3.2 percent in July, after gaining 3.3 percent in June.

The year-to-date inflation was 3.3 percent and the core rate came in at 3.6 percent.