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Philippine Central Bank Pledges Timely Action as CPI Surges

  • Inflation quickened to 4% in January, exceeding all estimates
  • Central bank is forecast to maintain rate at 3% this week
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Credit Suisse’s Santitarn Sathirathai weighs in on the Philippine Central Bank monetary policy.(Source: Bloomberg)
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The Philippine central bank pledged to take timely action after data showed consumer prices increased at the fastest pace in more than three years in January. Stocks and the peso fell.

Inflation rose to 4 percent, up from 3.3 percent in December, the Philippine Statistics Authority said in an emailed statement on Tuesday, as the costs of food, beverages and tobacco rose. That exceeded all forecasts in a Bloomberg survey of 14 economists, and was the quickest since Oct. 2014.