July inflation likely remains low

MANILA, Philippines - Inflation is expected to remain low this month due to lower oil prices and electricity rates, the Bangko Sentral ng Pilipinas (BSP) said yesterday.

BSP Governor Amando M. Tetangco Jr. said in a text message the rate could settle within 0.5 to 1.3 percent this July.

The expected rate for July follows the significant deceleration in inflation last month. June inflation fell to 1.2 percent.

Since July 21, most oil companies implemented a price rollback.

Household rates of Manila Electric Co. (Meralco) also decreased after the Energy Regulatory Commission allowed the power giant to lessen distribution charges.

“The BSP will continue to monitor domestic and global developments to ensure the policy stance remains supportive of price stability conducive to a balanced and sustainable economic growth,” Tetangco said.

The July inflation data will be released by the government in the first week of August.