July inflation could reach 5.6 to 6.6 pct: Philippine central bank

MANILA, Aug. 1 (Xinhua) -- The Central Bank of the Philippines projects that the country's July inflation could settle within the range of 5.6 to 6.6 percent, local media reported on Saturday.

According to The Manila Times, the central bank said consumer price growth has slowed over the past two months after surging to a three-year high of 7.2 percent in April.

The upside price pressures likely came from elevated domestic petroleum pump prices, higher electricity rates, rising fish prices, and a weaker peso, according to the central bank.

The Philippines, a Southeast Asian country with a population of over 100 million, is highly dependent on imports for its oil and natural gas. The surge in international oil prices this year has had a significant impact on its national economy. ■