Philippines Inflation Eases Slightly to 6.2% in July, Still Elevated Year-on-Year

Philippines consumer price inflation moderated in July 2026, with the year-on-year Consumer Price Index (CPI) rising 6.2%, down from 6.4% in June 2026. The latest data, updated on 5 August 2026, show that while price pressures remain elevated, the pace of increase has inched lower compared with the previous month.

Both June and July figures are calculated on a year-over-year basis, comparing each month’s price levels with the same month a year earlier. The June CPI reading of 6.4% reflected how prices in June 2026 had increased relative to June 2025, while the July figure of 6.2% measures the change between July 2026 and July 2025. The slight easing suggests some stabilization in inflation dynamics, though the rate remains high enough to keep the focus of policymakers and markets firmly on price developments in the months ahead.