Inflation falls to 0.2% in July, country’s lowest in last 22 years

The country’s inflation rate fell to 0.2 percent in July, the lowest level in 22 years, the government said on Wednesday, as price increases of key sectors continued to slow.

The National Statistics Office said the July inflation rate was sharply lower than the 12.2 percent inflation rate posted for the same month last year when the country was reeling from high prices of oil and rice.

It was the fifth straight month of decline in consumer prices, but analysts say prices may have now reached bottom and could start inching up in coming months.

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