The Philippines' inflation rate is lower than it was in July as for the forecast of Bangko Sentral ng Pilipinas.

The latest Philippine Statistic Authority report of inflation rate eased to 2.4 percent in August from 2.7 percent in July. It is lower than what is forecast by Bangko Sentral ng Pilipinas (BSP). The inflation rate will be settled between 2.5 to 3.3 percent this August as for BSP Governor Benjamin Diokono agency’s Department of Economic Research projects.

“The slowdown in inflation in August 2020 was primarily due to the deceleration in the inflation for the heavily-weighted food and non-alcoholic beverages which slid at an annual rate of 1.8 percent during the period, from 2.4 percent in the previous month,” PSA said.

“Contributing also to the deceleration in the overall inflation was recreation and culture whose index exhibited an annual decline of -0.1 percent during the period, from an annual gain of 1.1 percent in the previous month,” PSA said.

“Annual mark-up for the index of oils and fats was higher at 2.4 percent during the month. Likewise, the annual rate for sugar, jam, honey, chocolate and confectionery inched up to 0.1 percent. Meanwhile, annual rates of increments were slower in the indices of the remaining food groups,” PSA said.