Inflation likely eased to 6.5 percent in June – poll

Inflation likely slowed for the second straight month in June as fuel and some food prices eased, although economists said price growth remained far above the Bangko Sentral ng Pilipinas (BSP)’s target amid lingering risks from El Niño, peso weakness and second-round effects.

MANILA, Philippines — Inflation likely slowed for the second straight month in June as fuel and some food prices eased, although economists said price growth remained far above the Bangko Sentral ng Pilipinas (BSP)’s target amid lingering risks from El Niño, peso weakness and second-round effects. A poll of 12 economists conducted by The STAR yielded a median inflation forecast of 6.5 percent for June, slightly lower than the 6.8 percent print in May, but sharply higher than the 1.4 percent recorded in June last year. Forecasts ranged from 6.2 percent to seven percent. If realized, the June print would still exceed the BSP’s two to four percent target range for the fourth straight month. The Philippine Statistics Authority will release the June inflation data tomorrow. Metrobank chief economist Nicholas Mapa and RCBC chief economist Michael Ricafort both penciled in a 6.7-percent print for June. Ricafort said inflation could be slightly slower in June due largely to the sharp ...