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The inflation rate is expected to remain between 5.9 and 6.7 percent this month, according to the Bangko Sentral ng Pilipinas (BSP).

The rate of price hikes throughout the month “was driven by the sustained increase in major food prices,” the central bank stated in a statement on Wednesday.

However, it noted that this effect “may be partially countered by the drop in global oil prices, the reduction in power rates, the lower prices of meat and fish, and the strengthening of the peso.”

In keeping with the BSP’s mandate of price stability supportive of sustained economic growth, it continued, “Looking forward, the BSP will continue to monitor attentively emerging pricing developments to enable early intervention that could prevent further broadening of price pressures.”

The domestic inflation rate increased further in July, reaching 6.4 percent, the highest level since October 2018.

The government’s aim for this year of 2 to 4 percent inflation was exceeded by the average inflation rate to date, which was 4.7 percent.

The BSP expects inflation to be 5.4 percent on average this year.

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