PHILIPPINE INFLATION is expected to be below 4% by the third quarter and below 2% by early 2024, the central bank governor said on Monday. READ:
INDIVIDUALS shop for food items inside a supermarket in Quezon City, Jan. 16. — PHILIPPINE STAR/ MIGUEL DE GUZMANexpected to be below 4% by the third quarter and below 2% by early 2024, the central bank governor said on Monday.
“Now, we expect that by the end of the third quarter or by the fourth quarter, we are already below 4%. Our models predict that because of high base effects, or as the past event was so high, we will actually be below 2% early 2024,” Mr. Medalla said.Mr. Medalla noted the supply shocks last year were quite worse than before, so he expects above-target in“Of course, it’s hard to rule out that there may be another supply shock. We don’t know what will come.
Mr. Medalla said one of the biggest factors the BSP considered in adjusting its policy was the pace of tightening by US Federal Reserve, which had caused the peso to signiHe noted the peso started to appreciate as the dollar weakened and inLast year, the US Federal Reserve delivered 425 bps of cumulative rate hikes, which brought its own policy rate to 4.25-4.5%.
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