Philippines' inflation rate dips to 2.4 pct in August
Source: Xinhua | 2020-09-05
The Philippines' headline inflation rate for August 2020 dipped to 2.4 percent from 2.7 percent the previous month, the Philippine Statistics Authority said on Friday.
Dennis Mapa, the Philippine national statistician, said the slowdown in inflation in August was primarily due to the deceleration in the inflation for the heavily-weighted food and non-alcoholic beverages which slid at an annual rate of 1.8 percent during the period, from 2.4 percent in the previous month.
"This brings the year-to-date inflation for 2020 at 2.5 percent," Mapa said.
The Asian Development Bank forecasts the Philippines' inflation rate at 2.2 percent in 2020 and 2.4 percent in 2021.
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