Economists are now expecting a faster rise in prices of basic goods and services in two to three years due to supply-side shocks domestically and overseas, according to results of a survey conducted by the Bangko Sentral ng Pilipinas.
The central bank’s Survey of External Forecasters for September showed that private economists raised their inflation forecasts to 3.7 percent from 3.5 percent for 2024 and to 3.5 percent from 3.4 percent for 2025.”MANILA, Philippines — Economists are now expecting a faster rise in prices of basic goods and services in two to three years due to supply-side shocks domestically and overseas, according to results of a survey conducted by the Bangko Sentral ng Pilipinas .
The BSP said private economists expect inflation to accelerate anew after quickening for two straight months to 5.3 percent in August and to 6.1 percent in September. After leaving interest rates untouched anew last Sept. 21, the BSP’s Monetary Board raised its inflation forecasts to 5.8 percent from 5.6 percent for 2023 and to 3.5 percent from 3.4 percent for 2024.According to the BSP, the risks to the inflation outlook are still tilted to the upside for 2023 to 2025 and may trigger a possible breach of the inflation target in 2024.
On the other hand, the impact of a weaker-than-expected global recovery remains the primary downside risk to the outlook. As inflation eased due to the aggressive rate hikes delivered by the BSP and the peso strengthened back to the 53 to $1 last February, the central bank maintained a hawkish pause as it kept interest rates unchanged for four straight rate-setting meetings in May, June, August, and September.vivo school tour updates: V29 5G takes center stage at Jose Rizal University