LOWER fuel prices, reduced costs of essential food items, and favorable base effects could contribute to a decline in inflation in August, analysts said, further raising the possibility of more rate cuts.
The median forecast in The Manila Times poll of economists was 3.7 percent, down from July's 4.4 percent and within the Bangko Sentral ng Pilipinas' 2.0- to 4.0-percent target.It also fell within the central bank's 3.2-to 4.0-percent estimate for the month.All but two of the economists expect consumer price growth to remain above the target for two consecutive months.Official inflation data for July will be released by the Philippine Statistics Authority this Thursday.
7 percent, likely driven by food basket inflation due to weak rice imports and heavy rainfall disrupting local food production.'These factors have likely led to sustained growth in domestic food prices, particularly affecting rice,' Roces said.'However, the overall inflationary pressure may be partially offset by a stronger Philippine peso and lower oil prices in August, which could mitigate imported inflation and reduce transportation costs,' he added.
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