Inflation drops to 22-year low in June

MANILA, Philippines—Consumer prices rose at their slowest pace in 22 years in June, giving the Bangko Sentral ng Pilipinas room to cut rates further when its policy-making Monetary Board meets tomorrow.

The National Statistics Office reported Tuesday that the annual inflation rate last month eased to 1.5 percent from 3.3 percent in May. The previous low was in April 1987, when the consumer price index (CPI) rose just 1 percent from the previous year.

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