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Philippine Inflation Slows for Fourth Consecutive Month in August
MacroDigital Finance
The Philippine Statistics Authority reported that the Consumer Price Index (CPI), a key measure of inflation, rose 6.1% in August year-on-year, slowing from 6.2% in July and marking the fourth consecutive month of deceleration. The slowdown in inflation is good news for the Bangko Sentral ng Pilipinas (BSP), which recently raised interest rates by 0.25% at its meeting last week, the third consecutive hike, and signaled readiness to tighten monetary policy further. However, the latest inflation figure remains well above the BSP's full-year target of 3%, as utility costs and food prices have risen, albeit at a slower pace. The BSP had previously forecast August inflation to be in the range of 5.5% to 6.5%. Meanwhile, domestic and external headwinds have caused the Philippine economy to grow at the second-weakest pace and post the fastest inflation among Southeast Asian countries in the second quarter of 2026. The Philippine peso has been the worst-performing currency in Asia this year. The Philippines imports over 90% of its oil needs from the Middle East, making it highly vulnerable to supply disruptions and price volatility.