Macroecon 31, Low oil prices, low inflation

The big economic good news this morning in the country is our low inflation rate for August 2024, only 3.3% yr on yr (yoy), from 4.4% last July. 

https://psa.gov.ph/content/summary-inflation-report-consumer-price-index-2018100-august-2024

This is following low global oil prices last month. And P/$ appreciation from P58 until July to only P56+ in August.

Source: Trading Economics

So domestic oil prices are low, people are happy, me included. The short-term trend is towards even lower inflation rate by Sept-Oct 2024, likely below 3%. Lower inflation rate means more spending by the people. --------------

See also:
Macroecon 28, Growth forecast 2024-2025, May 31, 2024

Macroecon 29, Vietnam's high growth, non-war mongering stance, June 29, 2024

Macroecon 30, PH low unemployment, high GDP growth, August 08, 2024