Complete process for PHP version update-
1. First of all remove old version.
[root@localhost php]# yum remove php-common
2. Now Install php letest version
[root@localhost php]# yum -y install php55w php55w-opcache[root@localhost php]# yum -y install php55w-xml php55w-mcrypt php55w-gd php55w-devel php55w-mysql php55w-intl php55w-mbstring
3. Now restart httpd service.
#/usr/sbin/httpd -k restartTo check status of httpd service in RHEL7.0 or above version -
#systemctl status httpd.service
PHP 5.5.38 (cli) (built: Jul 21 2016 12:25:20)
Copyright (c) 1997-2015 The PHP Group
Zend Engine v2.5.0, Copyright (c) 1998-2015 Zend Technologies
with Zend OPcache v7.0.6-dev, Copyright (c) 1999-2015, by Zend Technologies
4. Now you can check Version.
[root@localhost sbin]# php -vPHP 5.5.38 (cli) (built: Jul 21 2016 12:25:20)
Copyright (c) 1997-2015 The PHP Group
Zend Engine v2.5.0, Copyright (c) 1998-2015 Zend Technologies
with Zend OPcache v7.0.6-dev, Copyright (c) 1999-2015, by Zend Technologies