MANILA : Philippine inflation accelerated to a fresh 14-year high in January, the statistics agency said on Monday, keeping the pressure on the central bank to tighten monetary policy.The consumer price index (CPI) rose 8.7 per cent in January, way above the 7.7 per cent forecast in a Reuters poll and top
MANILA : Philippine inflation accelerated to a fresh 14-year high in January, the statistics agency said on Monday, keeping the pressure on the central bank to tighten monetary policy.
The consumer price index rose 8.7 per cent in January, way above the 7.7 per cent forecast in a Reuters poll and topping the 8.1 per cent rate in December. Core inflation, which strips out volatile food and fuel items, increased to 7.4 per cent from December's 6.9 per cent. The Philippine central bank, which had forecast January CPI to be between 7.5 per cent-8.3 per cent, said on Saturday it will focus on inflation rather than the Federal Reserve's 25-basis point hike when it meets on Feb. 16 to review key interest rates
Its governor has previously signalled further interest rates hikes at the central bank's first two policy meetings this year to bring inflation back within a target range of 2 per cent to 4 per cent.
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