In terms of price developments, we are on track to achieving our inflation target of 2 to 4 percent for 2019. To give you some context, our June inflation declined to 2.7 percent from 3.2 percent in May, the lowest inflation recorded in more than 20 months since August 2017.
Later this morning, the Philippine Statistics Authority (PSA) will announce the average percentage of inflation for July. My forecast is that it will settle within the range of 2.2 – 2.8 percent. This sits comfortably within the government’s target band, in line with our forecasts.