KONTAN.CO.ID - MANILA. Philippine annual inflation blew past expectations in January to reach a fresh 14-year high on surging food prices, raising the chance of the central bank delivering a bigger interest rate hike to tame prices when it meets this month. The consumer price index (CPI) rose 8.7% in January, the statistics agency said on Tuesday, well above the 7.7% forecast in a Reuters poll and topping the 8.1% rate in December, when the central bank had expected prices to peak. Core inflation, which strips out volatile food and fuel items, also increased to a more than two-decade high of 7.4%, from December's 6.9%, suggesting price pressures remain broad.
Philippine Inflation Beats Expectations, Lifts Chance of Bigger Rate Hike
KONTAN.CO.ID - MANILA. Philippine annual inflation blew past expectations in January to reach a fresh 14-year high on surging food prices, raising the chance of the central bank delivering a bigger interest rate hike to tame prices when it meets this month. The consumer price index (CPI) rose 8.7% in January, the statistics agency said on Tuesday, well above the 7.7% forecast in a Reuters poll and topping the 8.1% rate in December, when the central bank had expected prices to peak. Core inflation, which strips out volatile food and fuel items, also increased to a more than two-decade high of 7.4%, from December's 6.9%, suggesting price pressures remain broad.