Philippine consumer prices rose at their slowest pace in nearly six years in July as utility costs moderated and food prices declined, the statistics agency said on Tuesday, potentially allowing the central bank to cut interest rates later this year.

The Philippines' inflation rate eased to 0.9% in July, its lowest level in more than nine years. The slowdown was primarily driven by a decline in housing and food costs, with the year-to-date average inflation rate at 1.

Rice prices decline for the seventh month in a row, helping push Philippine inflation to its lowest level since October 2019