The Philippines reported a cooling of its inflation rate to 0.9% in July 2025, down from 1.4% in June 2025, marking the lowest level in nearly six years and below the central bank's target. This deceleration is attributed in part to a seventh consecutive month of declining rice prices, which helped push inflation to its lowest since October 2019. The subdued inflation rate provides the Philippine monetary authorities with room to consider further interest rate cuts this year. In a related development, the Philippines announced a 60-day suspension of rice imports starting September 1, 2025, to protect local farmers amid the upcoming harvest season. This move by the world's largest rice buyer could exert additional pressure on global rice prices, which have already plunged to an eight-year low of $370 per metric ton and are trending toward a 20-year low near $350 per metric ton. The suspension was recommended by Agriculture Chief Francisco Tiu Laurel Jr. Other regional inflation updates include Ghana, where the inflation rate fell more than expected in July, supporting the case for further interest rate reductions.