MANILA — Philippine inflation was likely to be within a 3.2% to 4.0% range in August, compared with an annual inflation rate of 4.4% in July, the central bank said on Friday.
Higher electricity rates and prices for agricultural commodities, owing to unfavorable weather conditions, were the main sources of upward price pressures, the central bank said in a statement.
But there was some downward pressure from lower oil, rice, fish and meat prices, it added.
The central bank said it will continue to take a measured approach in ensuring price stability.
The Philippines‘ statistics agency will release inflation data on September 5.
—Reporting by Mikhail Flores and Neil Jerome Morales; Editing by John Mair