MANILA, Philippines – UK-based Pantheon Macroeconomics has warned Philippine monetary authorities to not let their guard down from upside inflation risks coming from normalizing global oil prices.
After the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board kept the policy rate at a record-low of 2 percent last Wednesday, Pantheon Macroeconomics senior Asia economist Miguel Chanco said the central bank seemed “becoming overly confident about the outlook for inflation.”
Chanco noted that the BSP also revised its 2021 inflation forecast to 3.9 percent from 4.2 percent previously. End-April headline inflation averaged 4.5 percent, above the 2-4 percent target ra…
Keep on reading: UK think tank: PH shouldn’t overlook near-term upside inflation risk from global oil prices