Philippines' annual inflation eases for second straight month in June

[MANILA] The Philippines' annual inflation eased for a second straight month in June due to slower price increases in food and transport, data from the statistics agency showed on Wednesday.

The consumer price index rose 2.8 per cent in June, the lowest since January and below economists' forecast for an increase of 3.0 per cent. The central bank had a 2.4-3.2 percent estimate for June.

Core inflation, which strips out volatile food and fuel items, was 2.6 per cent in June, slowing from 2.9 per cent in May.

Prices rose 0.1 per cent in June from May.

On June 22, policymakers left key interest rates unchanged and cut their forecast for inflation this year to 3.1 per cent from 3.4 per cent, still within the central bank's 2-4 per cent target range.

REUTERS