FX.co ★ Philippines CPI Edges Back Into Positive Territory in July

The Philippines’ consumer price index (CPI) inched up in July 2026, marking a return to positive month-on-month inflation after a brief dip into negative territory. According to the latest data updated on 5 August 2026, CPI rose 0.1% in July compared with June, on a month-over-month basis.

This follows a 0.3% month-on-month decline in June 2026, when prices fell compared with May. The shift from -0.3% to 0.1% suggests that, while price pressures remain subdued, the brief phase of month-on-month deflation has eased and consumer prices have started to rise again modestly.

The month-over-month comparison reflects how prices in July changed relative to June, while the previous figure measured June’s change against May. The latest reading will be watched closely by markets and policymakers for clues on the underlying inflation trend and its implications for future monetary policy decisions.