MANILA,Philippines—The Bangko Sentral ng Pilipinas has said the rate of price increases dropped to 4.3 percent last August based on 2000-based consumer price index (CPI).

The BSP said that the figure is significantly lower than the inflation rate of 4.6 percent posted in July.

The average inflation in the first eight months this year stood at 4.3 percent, the central bank said.

But it assured the implementation of monetary policy that is supportive of growth much more now that inflation rate has slowed last August.

The government’s inflation target this year is a range between three to five percent, thus, average inflation in the first eight months this year is within target. While actual rate last August was within the central bank’s 3.9-4.9 percent forecast for the month.