Philippine consumer prices rose 0.9% in July from a year earlier, slowing from June’s 1.4% pace and marking the weakest reading since October 2019, the Philippine Statistics Authority said Tuesday. The outcome undershot the 1.1% median forecast in a Reuters poll and remained within the Bangko Sentral ng Pilipinas’ projection range of 0.5% to 1.3% for the month. Core inflation, which excludes volatile food and energy items, eased to 2.3%. The headline deceleration was driven by cheaper rice and lower electricity charges. Rice prices fell for a seventh consecutive month, while inflation for housing, water, electricity, gas and other fuels slid to 2.1% from 3.2% in June, with electricity inflation dropping to 1.3% from 7.4%. The July print pulled the year-to-date average inflation rate down to 1.7%, below the government’s 2%–3% target band. With price pressures subdued, economists said the central bank has additional scope to consider cutting its policy rate later in the year to support growth.