Inflation & Prices
Philippines Says Rate Settings to Stay Tight as Rice Spikes
- Rice inflation of 19.6% last month fastest since March 2009
- Full-year inflation averaged 6%, missing goal for a third year
Rice inflation quickened for a second straight month to 19.6% from a year ago.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
The Philippine central bank said its monetary settings will remain “sufficiently tight” as rice inflation accelerated to the fastest pace in nearly 15 years, bucking the slowdown in overall price gains.
Consumer prices increased 3.9% in December from a year ago, the slowest pace in 22 months, the statistics agency reported Friday. While the print eased back to within the Bangko Sentral ng Pilipinas’ 2%-4% goal for the first time since March 2022, the 2023 average of 6% missed the inflation target for a third straight year.