Philippine central bank sees June annual inflation in 5.3% to 6.1% range

MANILA: Philippine annual inflation in June was expected to come in between 5.3% to 6.1%, with downward pressure coming from lower prices of meat, fruit, and liquefied petroleum gas, the central bank said on Friday.

Higher prices of key food items and an increase of domestic oil prices and electricity rates are the primary sources of upward price pressures, it added.

June inflation data is due to be released on July 5. Inflation eased for the fourth straight month in May, to 6.1%.

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The Bangko Sentral ng Pilipinas said it will continue to monitor developments affecting the outlook for inflation and growth as it formulates the monetary policy.

Its next rate-setting meeting is on Aug. 17.