PH inflation yet to peak despite Feb decline — experts
MANILA, PHILIPPINES — Moody’s Analytics and GlobalSource Partners believe the country’s inflation has not yet peaked this year despite the slight 8.6% decline in February.
In its latest weekly highlights and preview, Moody’s said that inflation in the Philippines is “uncomfortably strong” due to food and beverages, housing, water, electricity, restaurants, and accommodation services.
Meanwhile, GlobalSource Country Analyst Romeo Bernardo sees inflation to accelerate further to 6.5% by year-end due to high food prices and anticipated wage and transport fare adjustments.
The projected electricity shortages in the summer months would also likely increase power rates in the country.
Based on its latest assessment last February 16, the Bangko Sentral ng Pilipinas (BSP) Monetary Board raised its inflation forecasts to 6.1% for 2023 and 3.1% for 2024.
The BSP is also widely anticipated to deliver at least another 25-basis point hike in its rate-setting meeting scheduled on March 23 to anchor inflation expectations.
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