The Philippines is facing persistent food shortages.
Three of the region’s six-biggest economies have registered tentative deceleration in their latest consumer-price growth data. Singapore’s all-items CPI surged to 7.5% in August from a year earlier, the highest in more than 14 years, and Malaysia’s jumped by 4.7%, the fastest pace in more than five years, according to reports released Friday.
“The peak in headline inflation is just a first step in the right direction,” said Tamara Henderson, chief ASEAN economist at Bloomberg Economics. “The more critical issues for central bank rate decisions are core inflation, and how long headline inflation remains above target. Headline inflation may have peaked but if it remains well above target, that will probably loosen inflation expectations and lift wage demands.
On Thursday, Bank Indonesia delivered a bigger-than-expected hike of 50 basis points. Central bankers in the Philippines also increased their benchmark rate by a half-point, matching the Bloomberg survey median. Both cited inflation that’s likely to stay above their 2%-4% target bands going into 2023.More risks to watch for Southeast Asian central banks, as Henderson notes:
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