The Philippines’ annual inflation rate declined to 5.4% in June from 6.1% in May, the lowest rate since May 2022, mainly driven by the slowest increase in food prices in ten months. In Thailand, the annual inflation rate also eased for the sixth consecutive month to 0.23% in June 2023, down from 0.55% in May. The core consumer prices increased by a slower 1.32%, compared to 1.55% in the prior month.