Philippine January inflation picked up more than expected to an eight-month peak...
MANILA - Philippine January inflation picked up more than expected to an eight-month peak, but the outcome is still within the central bank’s comfort range and supports views it will likely cut interest rates when it meets on Thursday.
The consumer price index in January rose 2.9% from a year earlier, the statistics agency said on Wednesday, the highest since May 2019, due to increases in the cost of food, clothing, transport and utilities. “This is consistent with the BSP’s prevailing assessment that inflation is expected to gradually approach the midpoint of the target range in 2020 and 2021,” Bangko Sentral ng Pilipinas Governor Benjamin Diokno said in a tweet.The data was released a day before the central bank meets, where it is widely expected to cut its policy rate by 25 basis points to 3.75% to buttress the economy against the negative impact of the spreading virus outbreak.
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