Earlier this month, the Philippine Statistics Authority (PSA) announced that inflation in December soared to 8.1 percent, the highest data since November 2008. The pickup was mainly brought about b…
Earlier this month, the Philippine Statistics Authority announced that inflation in December soared to 8.1 percent, the highest data since November 2008. The pickup was mainly brought about by the acceleration of costs in food, restaurants and accommodation services and housing.
The Bangko Sentral ng Pilipinas , however, said that last month’s inflation rate could have already reached its peak, consistent with the BSP’s target, “before decelerating in the succeeding months due to easing global oil and non-oil prices, negative base effects, and as the impact of BSP’s cumulative policy rate adjustments work its way to the economy.”
The government, through the BSP, is already on top of the inflation situation. In the coming weeks, economists are expecting the BSP to deliver more rate hikes to bring the benchmark rate to at least 6 percent and help temper inflation. Reportedly, the Marcos administration has extended the temporary tariff cuts on commodities including pork, rice, corn and coal, which would effectively augment supply and help lower costs.
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