"Inflation could remain elevated in the near term before decelerating to within the target range of 2.0 to 4.0 percent by the end of the year," BSP Governor Benjamin Diokno noted in a statement. He made the statement after the Philippine Statistics Authority reported that the inflation rate fell to 4.8 percent in September, settling at the lower end of its 4.8- to 5.6-percent forecast for the month. Inflation risks, the central bank chief highlighted, remain skewed to the upside for the remainder of 2021, but are largely balanced for 2022 and 2023. The latest inflation reading, Mapa added, offers the BSP a bit more room to retain its accommodative approach. "Pressure has been building on the BSP to hike prematurely but the surprise inflation print helps the central bank justify its current stance.

Source: Manila Times October 05, 2021 14:26 UTC