Philippines: Inflation accelerates to a 14-year high in November – UOB – by pabspiovano Philippines Inflation CPI Banks
UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting assess the latest inflation figures in the Philippines.“Headline inflation accelerated for the third straight month to a 14-year high of 8.0% y/y in Nov , matching our estimate but surpassing Bloomberg consensus’ 7.8% gain.
“Record headline and core inflation readings in Nov have reinforced the case for a 50bps hike in the overnight reverse repurchase rate when the BSP’s Monetary Board meets next Thu . It will mark the final meeting of this year, taking the RRP rate to 5.50%. However, it is unlikely to mark the end of BSP’s rate hike cycle as yet given that the USsignaled a higher terminal rate for longer, and the Philippine inflation would remain above BSP’s 2.0%-4.0% medium-term target range through 1H23.
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