“The BSP remains prepared to take all monetary policy action necessary to bring inflation back to a target-consistent path over the medium-term.”
2022 average inflation hits 5.8%, above 2%-4% targetC.bank holds year’s first policy meeting on Feb. 16The Philippine central bank said on Thursday it was ready to take all policy action necessary, as upward pressure on consumer prices pushed inflation in December to the highest since 2008., driven mainly by higher food and energy prices, the statistics agency said.
It brought the full-year average to 5.8%, also a 14-year high and above the official 2%-4% target band. “ pressures are broad based and should result in only a slow grind lower for inflation in 2023,” said Nicholas Mapa, a senior economist at ING.
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