NextGen Day

After domestic inflation rose again in September, reaching 6.9 percent, its highest level since October 2018, the Bangko Sentral ng Pilipinas (BSP) reaffirmed its willingness to take additional monetary actions on Wednesday.

After slowing down to 6.3 percent in the previous month, the pace of price rises picked up in the ninth month of this year, primarily due to rising food and non-alcoholic beverage indexes, according to the Philippine Statistics Authority (PSA).

The average inflation rate far exceeded the government’s target rate of 2-4 percent to date, which was 5.1 percent.

The BSP stated in a statement that the inflation rate in September of last year is consistent with its assessment that “inflation will remain above target over the near term as price pressures broaden and signs of further adverse second-round effects emerge” and is within its forecast rate target range of 6.6 to 7.4 percent for the month.

It was stated in the short term that “upside risks continue to dominate the inflation picture,” it was stated.

According to the BSP, risk factors include “the impact of increased global non-oil prices, pending petitions for further transportation fare hikes, the influence of weather disturbances on food item costs, as well as the steep increase in the price of sugar.”

It did note that a weaker-than-expected global economic rebound is anticipated to offset these concerns.

Despite this, it continued, “inflation risks are regarded as being broadly balanced in the medium-term as global commodity prices continue to decline.”

To maintain the balanced and sustainable growth of the economy over the medium term, the central bank stated that its most recent monetary policy choices “are aimed to bring inflation and inflation expectations back to the objective.”

According to the BSP’s principal goal of promoting price stability, it is “prepared to take additional policy actions to put inflation toward a target-consistent path over the medium term.”

The BSP demanded quick non-monetary government actions as well to deal with lingering supply-side pressures.

The BSP will keep a close eye on and evaluate any relevant economic changes that might have an impact on the country’s pricing dynamics and growth prospects, it was noted.

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