HEADLINE INFLATION likely peaked in December as strong holiday demand and agricultural damage caused by typhoons may have driven food prices higher, according to analysts.
ation. This is also within the 7.8% to 8.6% forecast given by the Bangko Sentral ng Pilipinas last week.ation surpassed the BSP’s 2-4% target range.ation to 5.8%, matching the BSP’s average forecast for 2022.ation would also be the quickest pace since the 9.1% print in November 2008 at the height of the Global Financial Crisis.
Prices of most food products considered as Christmas staples by Filipinos have gone up as much as 10% as early as November, according to the Trade department. Severe Tropical Storm Paeng hit the country in late October, causing about P6.4 billion in agricultural damage. Core inflation, which discounts volatile prices of food and fuel, climbed 6.5% in November from 5.9% in October. This is also higher than the 3% print in December 2021. In the eleven months to November, core inset by the increase in electricity rates and price of liqueData from the Department of Energy showed that gasoline, diesel, and kerosene prices decreased by about P2, P2.6, and P3.9 per liter, respectively during the month.
“We also do not expect an immediate easing of the second-round effects from the global commodities spike and peso depreciation experienced in 2022,” Mr. Arogo said. He added that the central bank will continue its tightening cycle to combat inflation by hiking 50 basis points in theThe BSP adjusted policy rates by 350 bps in 2022 to bring down inflation. This is after cutting rates by a total of 200 bps in 2020 to support the pandemic-hit economy.
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