The Bangko Sentral ng Pilipinas sees July inflation below last month's 6.1 percent when official data is released this week by the Philippine Statistics Authority (PSA).

In its statement on Monday, the BSP said ''it projects July 2023 inflation to settle within the range of 4.1 to 4.9 percent.''

''Lower electricity rates, declines in the prices of meat, fruits, and fish items, the rollback in LPG prices, and the peso appreciation could contribute to downward price pressures during the month,'' the BSP said.

''Higher prices of rice and vegetables as well as higher domestic oil prices are the primary sources of upward price pressures in July,'' it added. DMS