By Katherine K. Chan, ReporterPHILIPPINE headline inflation likely held steady in July as lower food prices, particularly rice, offset higher fuel and electricity costs, analysts said. This would make July the fifth month in a row that the headline inflation breached the central bank’s 4% ceiling. Philippine National Bank Chief Economist Alvin Joseph A. Arogo said headline inflation likely remained unchanged in July amid offsetting price pressures. Deepali Bhargava, regional head of research for Asia-Pacific at ING Bank, noted that lower rice prices likely kept the headline inflation steady, but pressures remained from higher retail pump prices and sticky services inflation. For Oxford Economics Assistant Economist Jun Hao Ng, headline inflation may have picked up to 6.6%, largely driven by costlier fuel, especially diesel.