Philippine annual inflation quickens to 4.4% in July
Recasts to add central bank statement, analyst quote
MANILA, Aug 6 (Reuters) -Philippine annual inflation accelerated at a faster-than-expected pace in July, reflecting elevated food and utility costs, but an expected slowdown in prices means the result is unlikely to dissuade the central bank from cutting interest rates.
The consumer price index (CPI) rose 4.4% in July, above the 4.1% forecast in a Reuters poll, and higher than the previous month's rate of 3.7%, the statistics agency on Tuesday.
Last month's inflation print brought the year-to-date average to 3.7%, near the top end of the central bank's 2.0% to 4.0% projection for the month.
Despite the uptick, the central bank said a "general downtrend" in inflation could be expected beginning this month due to a government order lowering tariffs on rice.
With inflation projected to ease in the coming months, Metrobank Economist Nicholas Mapa said on X the central bank "could still likely opt to ease at their upcoming meetings to support growth".
Core inflation, which strips out volatile food and oil prices, eased to 2.9% in July from 3.1% in June, government data showed.
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona has said the monetary authority could cut its benchmark interest PHCBIR=EC rate as early as its Aug. 15 meeting after keeping it steady at 6.5% at its last six meetings.
A possible rate cut this month would be the first since November 2020 and should bode well for the economy, which a Reuters poll showed likely expanded at a faster clip of 6.2% in the second quarter, stronger than the previous quarter's 5.7%.
Separate data on Tuesday showed exports shrank 17.3% in June from a year earlier, while imports contracted 7.5%. That led to a trade deficit of $4.3 billion for June, narrower than the previous month's revised deficit of $4.7 billion.
Second-quarter gross domestic product data will be released on Aug. 8.
Reporting by Neil Jerome Morales and Mikhail Flores; Editing by John Mair and Christopher Cushing
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