Philippine consumer prices rose at their slowest pace in nearly six years in July as utility costs moderated and food prices declined, the statistics agency said on Tuesday, potentially allowing the central bank to cut interest rates later this year.

The country’s inflation rate decelerated in July due to the slower increase in utilities costs and the decrease in food commodities’ prices during the period, the Philippine Statistics Authority (PSA) said Tuesday.

MANILA (Reuters) -Philippine annual inflation moderated to 0.9% in July from the previous month's 1.4% rate, helped by a slower rise in utility costs, the statistics agency said on Tuesday. The headline rate was the lowest reading since October 2019.

Lower prices of utility and energy costs pulled inflation down in July, the Philippine Statistics Authority (PSA) reported on Tuesday. Consumer price growth markedly slowed to 0.9 percent last month,

Inflation slowed in July to 0.9 percent, which is the slowest so far this year, the Philippine Statistics Authority said on Tuesday. This was slower than the 1.4 percent seen in June, and was below even the 2 to 4 percent target of economic managers.

Turkish annual consumer price inflation dipped more than expected to 33.52% in July, official data showed on Monday, sustaining a downward trend despite strong rises in housing and education sector prices.