Published:
Philippines' inflation hit 2.5% in July
Its lowest level since 2009.
According to BBVA Research, inflation in the Philippines reached the lowest level since Sept 2009 at 2.5% y/y in July (consensus: 2.9%), and below the central bank's target of 3~5%.
Here's more:
Despite the weakening currency (the peso has depreciated by 6.2% against the US dollar this year), price pressures remain contained and growth momentum is still robust (1Q GDP: 7.8% y/y, the fastest in Asia).
The central bank has maintained the policy rate at record-low of 3.5% for the past four meetings and on July 29th the governor of the central bank commented that the current situation gives them the scope to keep policy rate on hold through 2014.
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