Inflation surges to 6%
Here's the bad news: inflation in July leaped from 6% from 5.1% in June. Previously, it has been steady at 3-4%. The BSP has set the target at 4-5% for the year. Now, analysts say inflation will breach 5%
What's to blame? Rising oil prices. Plus an increase in food and utilities prices. So that means we'll pay more for gas, food, electricity, water, etc.
The good news? BSP says it won't raise interest rates...yet. Raising interest rates help arrest inflation, but it also increases the cost of borrowing. Either way, expect a slowdown in the economy. Like, what's new?
