Philippines inflation slows than expected in three years
Annual inflation of the Philippines slowed more than expected in September as commodity prices lowered, statistics showed on Friday.
The inflation rate in September posted 0.9%, marking its lowest inflation rate in three years. The Reuters forecasted a 1.1% inflation rate while it hit the central bank’s prediction range of 0.6%-1.4% for the month.
The recent inflation rate dragged the inflation rate average in nine months to 2.8%, still near and around the central bank’s 2%-4% prediction rate.
Since the average inflation rate hitting 6.7%, nearing decade-high, commodity prices eased, making enough room for the central bank to operate and reverse some of the 175-basis points imposed in the previous year.
“Declining inflation trend would provide increased flexibility in terms of greater leeway for any furthering easing of local monetary policy,” Michael Ricafort, an economist at Rizal Commercial Banking Corp. said.
Benjamin Diokno, Bangko Sentral ng Pilipinas’ Governor said on Tuesday that the 6% target growth would be reached.
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