MANILA: Philippine inflation quickened for a third straight month in April, although at a pace that was slower than anticipated and one that’s likely to keep the central bank on guard in terms of the policy interest rate.
Consumer prices rose 3.8% on-year last month, according to statistics agency data released Tuesday. That was slower than the median 4.1% gain estimated by economists in a Bloomberg survey.
Rice inflation came in at 23.9% compared to a year ago, slower than the March rate of 24.4%.
Bangko Sentral ng Pilipinas governor Eli Remolona flagged last month an increasing risk of inflation breaching the central bank’s 2%-to-4% goal for a third straight year in 2024.
Persistent price pressures are building a case for the central bank to hold its key rate at a 17-year high of 6.5% at a meeting this month and delay a pivot to monetary easing possibly to next year.