The rate of inflation, which hit an almost 14-year high of 7.7 percent in October, could rise further in November before gradually declining in the succeeding months, the Bangko Sentral ng Pilipinas (BSP) said Wednesday. READ:
The rate of inflation, which hit an almost 14-year high of 7.7 percent in October, could rise further in November before gradually declining in the succeeding months, the Bangko Sentral ng Pilipinas said Wednesday.
The BSP’s Department of Economic Research said inflation is expected to gradually decelerate in the succeeding months as the effects of weather disturbances and transport fare hikes dissipate. In a press conference in Los Banos, Laguna, the President admitted he was worried by the temporary restraining order issued by the Court of Appeals that could raise electricity rates for millions of customers of the Manila Electric Co. .
This was contained in the recent conclusion of the 2022 Article IV consultation with the Philippines by the IMF’s executive board. “Similarly, if inflation proves less persistent, or if significant downside risks to growth materialize, monetary policy tightening would need to be recalibrated. Clear communication about inflation and the BSP’s policy intentions can help reduce uncertainty and improve policy transmission,” it said.
On Wednesday, various groups marched and gathered in Manila on Bonifacio Day to protest the effects of the “cost-of-living crisis.”
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