Philippine annual inflation slows to 3.3% in August

MANILA (Sept 5): Philippine annual inflation slowed to a seven-month low in August, as price increases on food and transport costs moderated, the statistics agency said on Thursday, giving the central bank room to further ease rates. The consumer price index (CPI) rose 3.3% in August from a year earlier, below the previous month's 4.4% rise, bringing average inflation to 3.6% in the first eight months of the year, well within the central bank's 2% to 4% comfort range. Last month's inflation was the slowest since the 2.8% print in January. Economists in a Reuters poll expected an inflation of 3.6%. The core inflation rate, which strips out volatile food and energy prices, also slowed to 2.6% last month. Rice inflation, which accounts for nearly a tenth of overall inflation, eased to 14.7%, the slowest since October 2023. Rice prices could further ease in the coming months, national statistician Dennis Mapa told a briefing. "It will further go down to single digits because of ...