BSP Governor Benjamin Diokno said, in a speech delivered by Deputy Governor Francisco Dakila during the second quarter 2019 Inflation Report press briefing, the latest baseline inflation forecasts continue to indicate a within-target trajectory for this year and next year. Diokno said the three percent headline inflation fell at the midpoint of the national government’s target of two to four percent in the second quarter from 3.8 percent in the first quarter. “This was due to improved domestic food supply conditions which significantly reduced food inflation. Diokno said lower food prices offset the impact of higher fuel prices in the second quarter due to tighter global oil supply conditions. Dakila said the BSP has lowered its inflation forecasts to 2.7 percent for 2019 and to three percent for 2020.

Source: Philippine Star July 19, 2019 16:00 UTC