In a statement, the central bank said key factors that are expected to have blunted price increases during the month were the reductions in domestic oil prices, lower costs of rice, fish, and meat, and the peso's appreciation against the dollar.
These were somewhat offset, however, by higher electricity rates and agricultural commodity prices, influenced by adverse weather conditions.
The BSP’s outlook suggests that inflationary pressures are easing, allowing for more stable price levels. It added that its Monetary Board plans to maintain a cautious approach to ensure price stability, aiming for balanced economic growth and job creation.
The Philippine Statistics Authority is scheduled to release the August inflation report on Sept. 5, Tuesday.
