The Bangko Sentral ng Pilipinas (BSP) believes inflation may have already peaked in January 2023. Know more:
However, BSP Governor Felipe M. Medalla told reporters on Wednesday that “surprise price shocks” could still happen in the coming months.
“It [inflation in January] was actually higher than the high end of our forecast. Most likely [peaked]. Of course, I can’t rule out another surprise supply shock,” Medalla said. Core inflation, which excludes certain highly volatile food and non-food items, posted a 7.4 percent growth.National Statistician Claire Dennis S. Mapa said this inflation rate was the highest since April 1999 when it hit 7.6 percent.
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