Inflation seen to pick up further this month

The central bank says inflation could pick up further in July as most commodities saw prices rise.
In a statement, the Bangko Sentral ng Pilipinas said July inflation could fall within the 5.1%-5.8% range, coming from June’s 5.2% print.
“The increases in electricity rates in Meralco-serviced areas, water rate adjustments in Maynilad- and Manila Water-serviced areas, domestic gasoline and LPG prices, jeepney fares, scheduled increase of the tobacco excise tax, and prices of rice and other agricultural commodities could lead to upward price pressures during the month. Meanwhile, there was a slight downward adjustment in domestic diesel prices for July. Going forward, the BSP will continue to keep a watchful eye on the risks to the inflation outlook and will take necessary action to help ensure that inflation expectations remain firmly anchored to the target.” — Melissa Luz T. Lopez