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BSP sees July inflation at 4.3% to 5%


Inflation will likely range from 4.3 percent to 5 percent this July along with a supposed easing of inflationary pressures, the Bangko Sentral ng Pilipinas (BSP) said Monday. In a text message to reporters, BSP Gov. Amando Tetangco Jr. said the downward adjustments in utility charges, as well as the continued appreciation of the peso against the US dollar, will offset rising oil and rice prices this month. “Although still elevated, inflation pressures seem to have moderated. There still remain risks particularly with respect to volatilities in international commodity prices and the impact of foreign exchange inflows on domestic liquidity," Tetangco said. In the face of higher power rates, upward tuition fee adjustments, and higher food prices, inflation rose to a 26-month high of 4.6 percent in June from 4.5 percent in May. Tetangco also said monetary authorities will continue monitoring the impact of market developments in Europe and the United States on emerging markets like the Philippines. “We will take all these into consideration during our policy meeting this week to ensure that our policy setting remain appropriate," Tetangco added. The BSP Monetary Board will hold its policy rate-setting meeting this Thursday. — PE/VS, GMA News

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