Inflation & Prices
Philippine Central Bank Says Price Risks Lurk as Rice Spikes
- Rice price gains hit a fresh 15-year high in January
- Central bank keeps hawkish stance even as inflation eases
This article is for subscribers only.
Philippine inflation cooled to a three-year low in January but the central bank is sticking to a hawkish stance, expecting price gains to flare up above target again from next quarter due to El Nino.
Rice prices quickened for a third straight month to 22.6% from a year earlier, a fresh 15-year high, the statistics agency said on Tuesday. Overall inflation eased to 2.8% in January, the slowest pace since October 2020 and compares with a median forecast of 3.1% in a Bloomberg survey.