MANILA - Inflation remains manageable and thus monetary policy will remain “accommodative”, the Bangko Sentral ng Pilipinas said on Thursday, days after BSP Gov. Benjamin Diokno said that interest rate hikes were unlikely for the year.
Inflation in July showed to 4 percent before accelerating to 4.9 percent in August, and slightly slowing to 4.8 percent in September. Food inflation rose due mainly to supply disruptions owing to weather disturbances and transport bottlenecks with the reimposition of strict quarantine restrictions. Meanwhile, non-food inflation eased as transport inflation slowed down due to base effects, the BSP said.
“Upside risks could emanate from pressures on international commodity prices amid improving global demand and lingering supply-chain bottlenecks, as well as the potential effects of weather disturbances and a possible prolonged recovery from the ASF outbreak,” the BSP said.
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