Philippine annual inflation in December accelerated to the fastest pace since 2008 on higher food and energy prices, data showed on Thursday, supporting expectations of more interest rate hikes by the central bank this year.
was slightly below the 8.2% median forecast in a Reuters poll, but within the central bank's 7.8% to 8.6% forecast for December.
While prices may have peaked last month, "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. Core inflation, which strips out volatile food and energy components, rose to 6.9% in December from 6.5% in November.
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