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Month-Ahead Inflation Forecast for July 2022

The BSP projects July 2022 inflation to settle within the range of 5.6 to 6.4 percent. Inflation for the month was driven by the continued increase in food prices, further transport fare hikes, and peso depreciation. Meanwhile, lower oil prices, reduction in electricity rates in Meralco-serviced areas, and lower pork prices are likely to temper in part said price pressures.

Looking ahead, the BSP will continue to monitor closely emerging price developments to enable timely intervention to arrest emergence of further second-round effects, consistent with BSP’s mandate of price and financial stability.

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