Philippines: Inflation grinded lower in June – UOB – by pabspiovano Philippines Inflation CPI Banks
UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting assess the latest release of inflation figures in the Philippines.The Philippines’ headline inflation continued on a downward trend, decelerating for a fifth straight month to 5.4% y/y in Jun . It also marked the lowest reading since May 2022 and came in lower than our estimate and Bloomberg consensus .
The latest batch of inflation readings and stable currency support our view for an extended interest rate pause by BSP until year-end. Real interest rates have turned positive for the second consecutive month and core inflation eased for a third straight month, further reflecting the lagged effects of past rate hikes.
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