The Bangko Sentral ng Pilipinas (BSP) called for “sustained efforts” to fight inflation by addressing supply-side constraints. Know more:
THE Bangko Sentral ng Pilipinas called for “sustained efforts” to fight inflation by addressing supply-side constraints.
BSP said the 8.7 percent year-on-year in January 2023 was above the BSP’s forecast range of 7.5-8.3 percent and the government’s average inflation target range of 2.0-4.0 percent for the year. The central bank also said core inflation, which excludes selected volatile food and energy items to depict underlying demand-side price pressures, increased to 7.4 percent in January 2023 from 6.9 percent in December 2022.
The BSP said the increase in inflation was caused by non-food items such as housing and utilities prices. The higher electricity generation charges and the implementation of the approved water rate rebasing during the month caused inflation to spike.
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