HEADLINE INFLATION “most likely” peaked in January, but there could be surprise shocks that may affect prices moving forward, Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla said on Wednesday. READ:
Fresh produce is being sold at the Marikina public market in this file photo. Inflation surged to a new 14-year high of 8.7% in January. — PHILIPPINE STAR/WALTER BOLLOZOS
Mr. Medalla said inflation “most likely” peaked in January. “ of course, I can’t rule out another surprise supply shock.”The BSP in a statement late on Tuesday said the January inflation data showed the “need for sustained eorts to combat price pressures, particularly non-monetary government measures to mitigate the impact of persistent supply-side constraints.
Food inflation quickened to 11.2% from 10.6% a month ago and 1.6% in January 2022, which was the fastest since the 11.3% in March 2009. The central bank has raised 350 basis points last year, bringing its benchmark policy rate to a 14-year high of 5.5%.ation is expected to ease, bringing the policy rate back to 5.5% by end-2023.
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