(UPDATE) INFLATION rose to a year high of 8.1 percent in December, the Philippines Statistics Authority (PSA) reported on Thursday, putting monetary authorities under continued...
INFLATION rose to a year high of 8.1 percent in December, the Philippines Statistics Authority reported on Thursday, putting monetary authorities under continued pressure to keep raising interest rates.Last month's result — the highest since November 2008 — was marginally faster than November's 14-year high of 8.0 percent. It also did not breach the Bangko Sentral ng Pilipinas' 7.8-8.6 forecast for the month but was well over the 3.1 percent recorded a year earlier.
Rising inflation prompted the BSP's policy making Monetary Board to hike key interest rates by a total of 350 basis points last year and the latest reading reinforced observations that another increase could be announced next month. The BSP policy rate currently stands at 5.5 percent and central bank Governor Felipe Medalla said the terminal rate could hit 6.0 percent this year.
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