The unexpected spike in January’s inflation rate, which came in above all forecasts of government policymakers and private sector economists, is a temporary phenomenon that will not cause the annual average to exceed the official target range, according to the central bank.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said last month’s consumer price index (CPI) increase 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 ra…
Keep on reading: Bangko Sentral says price spikes ‘temporary’