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BSP Governor Benjamin Diokno
MANILA –The rate of price increase in the Philippines rebounded in October 2020 to 2.5 percent from 2.3 percent the previous month, but Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said this is within Your expectations.
In a Viber message to reporters on Thursday, Diokno said they forecast inflation last October to range between 1.9 and 2.7 percent.
“(Thus, the October impression) is consistent with the prevailing BSP assessment of favorable inflation dynamics over the policy horizon,” he said.
In a report, the Philippine Statistics Authority (PSA) attributed the faster inflation rate last October to spikes in the heavily weighted food and non-alcoholic beverage index, as well as the education and restaurant and goods and services indexes. various.
In the first 10 months of this year, inflation averaged 2.5 percent, in the lower half of the government’s target band of 2 to 4 percent for 2020 to 2022.
Monetary officials forecast that inflation will remain within the target until 2022 mainly due to the impact of the pandemic, which affected economic activities and weaker domestic production.
Diokno said that monetary policy “The Monetary Board will consider the latest inflation number together with the GDP (gross domestic product) data for the third quarter of 2020 in its assessment of the inflation and economic activity outlook for the monetary policy meeting of the November 19, 2020. “
“The BSP is ready to implement all the measures available in its toolbox in fulfillment of its mandate while continuing to assess the impact of the global health crisis on the national economy,” he added.
To date, the MB has cut key central bank policy rates by a total of 175 basis points to help keep the national economy afloat from the impact of the pandemic. (PNA)
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