Goldman Sachs economists said that the overall inflation rate in the Philippines accelerated to 1.4% in June from 1.3% in May, but it was in line with the country's central bank's expectations. This rise was driven by higher domestic fuel and electricity inflation, which was partially offset by lower food inflation. Excluding volatile food and energy prices, the core CPI remained unchanged at 2.2%. Goldman Sachs continues to expect that the Bank of the Philippines will cut interest rates by another 25 basis points this year, probably in the third quarter. The move would reduce the policy interest rate to 5.0%.

Goldman Sachs economists said that the overall inflation rate in the Philippines accelerated to 1.4% in June from 1.3% in May, but it was in line with the country's central bank's expectations. This rise was driven by higher domestic fuel and electricity inflation, which was partially offset by lower food inflation. Excluding volatile food and energy prices, the core CPI remained unchanged at 2.2%. Goldman Sachs continues to expect that the Bank of the Philippines will cut interest rates by another 25 basis points this year, probably in the third quarter. The move would reduce the policy interest rate to 5.0%.