Philippines’ annual inflation shrinks in September
Base effects and lower rice prices, as reported by Reuters, helped in slowing the inflation pace in September in the Philippines, giving an opportunity for its central bank to cut rates to beef up slowing economic growth.
The median estimate for September inflation was at 1.1%, according to the poll; this marks its lowest in three years as well as within the central bank’s 0.6-1.4% prediction for the month.
If predicted correctly, this would become the second consecutive month that the inflation rate has come in below the lowest of the central bank, playing between 2%-4% target for 2019.
On Thursday, Bangko Sentral ng Pilipinas cut below its benchmark interest rate for the third time in 2019. The bank reserve’s requirement ration was trimmed by 100 basis points to encourage investors to borrow money.
“We believe that the BSP has come to the end of its easing cycle for the year unless risks to growth necessitate further easing,” said Robert Dan Roces, an economist at Security Bank in Manila.
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