KONTAN.CO.ID - MANILA. Philippine annual inflation steadied in October at its highest rate in almost a decade as costlier fuel and utilities countered slower increases in food prices, likely keeping the central bank on course for further policy tightening. It was the first time this year that inflation in one of Asia's fastest-growing economies has steadied, although economists had expected it to ease, prompting forecasts of another interest rate increase when policymakers meet next week. The consumer price index rose 6.7 percent last month from a year earlier, the same pace as in September, although surpassing the median estimate of 6.5 percent in a Reuters' poll of economists. The central bank had forecast inflation within a range of 6.2-7.0 percent for the month.
Philippine inflation holds at 9-1/2-year high, further rate hike seen
KONTAN.CO.ID - MANILA. Philippine annual inflation steadied in October at its highest rate in almost a decade as costlier fuel and utilities countered slower increases in food prices, likely keeping the central bank on course for further policy tightening. It was the first time this year that inflation in one of Asia's fastest-growing economies has steadied, although economists had expected it to ease, prompting forecasts of another interest rate increase when policymakers meet next week. The consumer price index rose 6.7 percent last month from a year earlier, the same pace as in September, although surpassing the median estimate of 6.5 percent in a Reuters' poll of economists. The central bank had forecast inflation within a range of 6.2-7.0 percent for the month.