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Philippines inflation drops to lowest in 22 years

The Philippines' inflation rate dropped to 1.5 per cent in June, the lowest in 22 years, as prices of commodities, particularly fuel and utilities, continued to fall, the government said.

world Updated: Jul 07, 2009 11:39 IST

The Philippines' inflation rate dropped to 1.5 per cent in June, the lowest in 22 years, as prices of commodities, particularly fuel and utilities, continued to fall, the government said on Tuesday.

The figure brought the first-half inflation rate to 5 per cent. The June rate, down from 3.3 per cent in May, was the lowest since April 1987, when inflation was 1 per cent, the National Statistics Office said in a statement.

A year ago, in June 2008, the country posted an 11.4 per cent inflation rate.

Central bank Governor Amando Tetangco said inflation fell within the bank's forecast of 1.2 per cent to 2.1 per cent for June, giving the monetary authorities room to further ease borrowing costs. "Current assessments show risks to inflation remain tilted towards the downside," Tetangco said.

"Nevertheless, we are mindful of global and domestic financial and real sector developments, particularly the actions of central banks in the major economies to unwind prior liquidity and credit easing measures."