The 4.7 percent, down from 5.4 percent in June and July of last year at 6.4 percent, fell within the Bangko Sentral ng Pilipinas' 4.1 to 4.9 percent forecast for the month.It is, however, slightly lower than the 4.8-percent median in a Manila Times poll of economists.This is also the lowest recorded inflation since March 2022, at 4 percent, the PSA said.Core inflation, which strips out volatile food and energy items, significantly dropped to 6.7 percent from 7.4 percent in June.
'Also contributing to the downtrend of food inflation in July 2023 was the slower year-on-year growth of sugar, confectionery, and desserts at 21.4 percent during the month from 28.9 percent in the previous month,' it said.Despite the continued downtrend, Socioeconomic Planning Secretary Arsenio Balisacan advised caution as 'we face increasingly volatile weather disturbances as well as external headwinds such as oil price increases and trade restrictions on food.
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