The Philippines’ Consumer Price Index (CPI) experienced a notable decrease in August 2024, dropping to 3.3% from 4.4% in July, according to the latest data published on September 5, 2024. This year-over-year comparison highlights a favorable shift in the country’s inflation rate, potentially signaling easing inflationary pressures.In July, the CPI had reached its previous level of 4.4%, a figure representing the year’s ongoing struggle with price increases. The August data, however, reflects a significant improvement, suggesting that inflation control measures and economic policies implemented by the government may be starting to yield positive results.The year-over-year comparison indicates that the current CPI change for August 2024 shows a stark contrast to the same month’s performance last year, where higher inflation rates were observed. Market analysts and economic stakeholders will be closely monitoring the trends in the coming months to ascertain if this decline in CPI will sustain and further stabilize the Philippine economy.The material has been provided by InstaForex Company – www.instaforex.com
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