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Philippine central bank: March annual inflation likely in 7.4%-8.2% range

Published 03/30/2023, 11:20 PM
Updated 03/30/2023, 11:25 PM
© Reuters. FILE PHOTO: A logo of Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their main building in Manila, Philippines March 23, 2016. REUTERS/Romeo Ranoco

MANILA (Reuters) - Philippine annual inflation in March was expected to come in between 7.4% and 8.2%, with downward pressure seen from lower prices of petroleum and some food items, the central bank said on Friday, ahead of the release of the data on April 5.

High inflation, which at 8.6% in February was well outside the central bank's target range of 2% to 4%, remains the top concern for monetary authorities, Bangko Sentral ng Pilipinas (BSP) governor Felipe Medalla reiterated earlier this week.

© Reuters. FILE PHOTO: A logo of Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their main building in Manila, Philippines March 23, 2016. REUTERS/Romeo Ranoco

"The BSP remains prepared to respond appropriately to continuing inflation risks in line with its data-dependent approach to monetary policy formulation," the central bank said in a statement.

The BSP last week hiked its benchmark interest rate further although at a slower pace of 25 basis points to 6.25%, and said its next policy move would depend largely on how consumer prices will behave in the coming months.

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