Philippine annual inflation PHCPI=ECI was 6.4% in June, slowing from the previous month's 6.8% rate, driven mainly by a slower annual increase in transport costs, the statistics agency said on Tuesday.
The rise in the consumer price index was below the 6.6% median forecast in a Reuters poll.
It was within the central bank's 6.0% to 7.0% forecast for June.
The June print brought average inflation in the first half of the year to 4.8%. The central bank said average inflation was expected to remain above its 3% target in 2026 and 2027.
Core inflation, which excludes volatile food and energy prices, quickened to 4.4% in June from 4.1% in May.
The central bank raised its policy interest rate by 25 basis points in June to keep inflation in check.
On Tuesday, the central bank said it was prepared to take further monetary action as needed. The next scheduled policy review is on August 27.