Philippine inflation inches up to 3.2%
Blame it on increasing housing prices and recent weather-related shocks.
According to BBVA Research, the Philippines’ inflation ticks up, but is still within target range. Inflation rose in the Philippines to 3.2% y/y in July (consensus: 3.1% y/y) from 2.8% y/y in June, as increasing housing prices (5.0% y/y) support the story that the Philippines’ growth momentum remains intact. July’s headline outturn remains well within policymakers’ 3%-5% target range, and is expected to remain so in the coming months, though recent weather-related supply shocks may exert upward pressures.