Philippines July inflation picks up at 2.6pc amid dry spell
Wednesday, 8 August 2007
MANILA, Aug 7 (AFP): Philippine consumer prices rose at a higher than expected clip of 2.6 per cent in July, the government said today, as a dry spell pushed up food and utility costs.
The July figure was 0.3 percentage points above the June number. For the seven months to July, inflation stood at 2.6 per cent, the National Statistics Office said in a statement.
The rise in consumer prices last month was faster than the central bank's forecast range of between 1.8 per cent and 2.5 per cent. Power costs and food items were the main movers.
Core inflation, which excludes some food and energy items, was up 3.0 per cent after 2.5 per cent in June, the NSO said in a statement.
Dennis Arroyo, deputy director of the economic planning department, told newsmen the government was not too much concerned about the effects of lower than expected rainfall in the northern part of the country over the past three months.
He noted that the seven months to July inflation rate remained "far below" the government target of 4.0 per cent.
"We have much headroom for inflation," Arroyo added.
The July figure was 0.3 percentage points above the June number. For the seven months to July, inflation stood at 2.6 per cent, the National Statistics Office said in a statement.
The rise in consumer prices last month was faster than the central bank's forecast range of between 1.8 per cent and 2.5 per cent. Power costs and food items were the main movers.
Core inflation, which excludes some food and energy items, was up 3.0 per cent after 2.5 per cent in June, the NSO said in a statement.
Dennis Arroyo, deputy director of the economic planning department, told newsmen the government was not too much concerned about the effects of lower than expected rainfall in the northern part of the country over the past three months.
He noted that the seven months to July inflation rate remained "far below" the government target of 4.0 per cent.
"We have much headroom for inflation," Arroyo added.