The country’s above-target inflation is expected to ease to below six percent within the first three months of 2023 as the oil market holds steady and tempers its impact on non-oil commodities. READ:
The country’s above-target inflation is expected to ease to below six percent within the first three months of 2023 as the oil market holds steady and tempers its impact on non-oil commodities.
“Inflation will remain elevated, above 7% YoY in the last two months of the year, to average 5.7% for the full year,” said FMIC-UA&P in its latest “Market Call” report. Meantime, FMIC-UA&P said the peso vis-à-vis the US dollar will stay below P57 especially in December when remittances are strong. The BSP’s signalling of more rate hikes for November and December will also add to the strength of the peso.
Based on the BSP’s survey of private sector economists, analysts anticipate the BSP to further tighten monetary policy settings by 75 basis points to as much as 150 bps for the remainder of the year. This was before the Nov. 17 rate increase of 50 bps. Based on the November Monetary Policy Report, the BSP forecasts inflation will remain above-the-target until the second quarter of 2023.
The major upside risks are listed as: the potential impact of higher fertilizer prices; trade restrictions and adverse global weather conditions on international food prices; increased prices of fruits and vegetables owing to domestic weather disturbances; petitions for tricycle fare hikes due to elevated oil prices; higher sugar prices; and the possible reinstatement of the full tariff rates on several imports such as pork and rice that were temporarily lowered under Executive Order No. 171.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business woes due to COVID-19, inflation to diminish towards mid-2023 — Joey ConcepcionThe challenges in the business sector due to the COVID-19 pandemic and inflation will diminish in the middle of 2023, according to Go Negosyo founder Joey Concepcion on Friday.
Read more »
PRC releases 2023 board exam scheduleThe Professional Regulation Commission (PRC) on Wednesday, Nov. 23, released the licensure examination schedule for 2023.
Read more »
PH salary hike for 2023 to hit pre-COVID-19 level -surveyEmployees in the Philippines can look forward to an average 5.5% increase in their salaries next year, up from 5.3% this year and marking a return to the pre-pandemic level in 2019, according to Mercer’s annual Total Remuneration Survey 2022. READ:
Read more »
'Leonor Will Never Die' nominated for best int'l film at 2023 Spirit AwardsMartika Ramirez Escobar’s ‘Leonor Will Never Die’ is nominated for best international film at the 2023 Spirit Awards in California. Full story:
Read more »
Average salary hikes seen hitting 5.5% in 2023Employees in the Philippines can hope for a 5.5-percent increase in their median salaries next year, a trend which marks a return to prepandemic times, following a year of rising inflation and substantial currency depreciation. /PDI
Read more »
Win Metawin, Baifern to star in Thai remake of ‘My ID is Gangnam Beauty’'Beauty Newbie,' the Thai adaptation of the hit K-drama, is slated for a 2023 release!
Read more »