Page last updated at 06:11 GMT, Tuesday, 7 July 2009 07:11 UK

Philippine inflation falls again

Sacks of rice being unloaded in Manila
Inflation is set to fall further

Philippine inflation fell to 1.5% in June - its lowest rate in 22 years - after energy prices fell, according to official figures.

Last month's inflation was the lowest rate since April 1987 and came after May's reading of 3.3%.

The latest data is in sharp contrast to the inflation rate seen in June last year, when inflation hit 11.4%.

Since then commodity prices have slumped. The government says there is scope to cut interest rates further.

A year ago a price of crude oil hit a record of more than $140 a barrel, but now it is trading at about $65.

"Current assessment show risks to inflation remain tilted towards the downside," said Central Bank governor Amando Tetango, adding that the latest data was within expected forecasts.

The central bank predicts that inflation will hit its lowest rate, of about 1%, in the third quarter of the year, before rising.



Print Sponsor


SEE ALSO
Price of oil near five-week low
06 Jul 09 |  Business


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC iD

Sign in

BBC navigation

Copyright © 2017 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific