MANILA, Philippines—The unexpected spike in January’s inflation rate, which was higher than government and private sector projections, was a temporary phenomenon which would not push the annual average past the official target, according to the central bank.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said last month’s consumer price index of 4.2 percent was largely caused by supply-side pressures related to the African swine fever outbreak that pushed local pork prices higher.
Also contributing to the faster price increases were weather-related disturbances, higher global oil prices and the base effect of having come from a low inflation rate in the…
Keep on reading: January inflation spike catches market off guard, but it’s temporary, says BSP