INFLATION likely accelerated beyond the central bank’s target in April, as food and oil prices continue to climb amid the ongoing Russia-Ukraine war and agricultural damage caused by Tropical Storm Agaton.
Makoto Tsuchiya, an economist at Oxford Economics, said inationary pressure is expected to linger, given their forecast of “higher-for-longer global commodity prices,” which will aThe agricultural damage due to Tropical Storm Agaton may also have temporarily pushed food prices higher in April, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
“The local economy’s recovery is clearly dependent on the reopening of the economy and has little to do with keeping interest rates repressive or not,” he added.ation quickened to 4.5% in 2021 from 2.6% in 2020, mainly due to low meat supply amid the African Swine Fever outbreak. “We have a baseline forecast of two 25-bp rate hikes this year on the assumption that the economy is poised to return to its pre-pandemic level by the second quarter of 2022,” Mr. Arogo said.
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