Philippines: Inflation edged higher in January – UOB – by pabspiovano Philippines Inflation CPI Banks
UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting review the latest inflation figures in the Philippines.“The Philippines’ headline inflation accelerated further to 8.7% y/y in Jan , defying our expectation and Bloomberg consensus of a slowdown to 7.7% and 7.6% respectively. It marked the highest annual inflation rate since Nov 2008, and posted the strongest m/m gain since Jan 2000 at 1.7% after a broad-based sharp increase across all food and non-food subsegments.
“Both stronger-than-expected Jan inflation and 4Q22 GDP readings have strengthened the case for a more restrictive monetary policy setting when the Monetary Board meets next Thu . Our revised inflationfor 2023 is also suggesting that the MB will have to do more to get inflation back to target in a sustainable manner.
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