METRO Manila's just-approved P40 minimum wage hike could lead to higher inflation and a possible monetary policy response, an economist said on Friday. READ HERE:
'The wage hike is ... an upside risk to the economy's inflation outlook, which has been easing as of late, and to the central bank's policy rate outlook,' HSBC Global Research economist Aris Dacanay said.The maximum impact on inflation will likely be around 0.4 to 0.6 percentage points, he added.
'This upside risk may grow stronger if the latest wage hike kick-starts similar hikes in other regions of the archipelago,' Dacanay added.The HSBC economist stressed that the environment was still challenging and that the risks of inflation becoming sticky were significant.Inflation slowed to 6.1 in May after hitting a 14-year high of 8.7 percent in January. The BSP on Friday said that June inflation could settle within a 5.3- to 6.1-percent range.
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