Philippines Inflation Still at Risk From Food Supply Strain
- Inflation up for third month, but lower than market forecasts
- Price gains in rice slow for the first time in six months
Bangko Sentral ng Pilipinas Governor Eli Remolona flagged last month an increasing risk of inflation breaching the central bank’s 2%-to-4% goal for a third straight year in 2024.
Photographer: Lisa Marie David/BloombergThis article is for subscribers only.
Philippine inflation quickened for a third straight month in April, and the continued strain on food supply may keep prices under pressure and prompt the central bank to hold its key rate at a 17-year high.
Consumer prices rose 3.8% on-year last month, according to government data released on Tuesday. That was slower than the median 4.1% gain estimated by economists in a Bloomberg survey. Rice inflation slowed for the first time in six months, coming in at 23.9% from 24.4% in March.