Philippines central bank sees inflation ‘back to normal’ near 3% later this year

Philippine inflation is likely to be closer to 3 percent in late-2023 and in 2024, central bank governor Felipe Medalla said. | Reuters

Bangko Sentral ng Pilipinas Governor Felipe Medalla poses for a photograph in his office at Manila, Philippines, Nov 18, 2022. REUTERS/Eloisa Lopez/File photo

MANILA – Philippine inflation is likely to be closer to 3 percent in late-2023 and in 2024, central bank governor Felipe Medalla said on Tuesday. Medalla, speaking at a media forum, also said the economy remained strong and that pent-up domestic demand will continue driving growth.Annual inflation soared to 8.1 percent in December, the highest since 2008, bringing the full-year average to 5.8 percent, outside the central bank’s 2 percent-4 percent target range.

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