Bangko Sentral ng Pilipinas Governor Felipe Medalla said Tuesday he expects the rate of inflation to peak this month, after it hit a 14-year high of 8 percent in November. READ:
“I’m very sure that the peak [of inflation] will be in December,” Medalla said. “We thought inflation was going to peak in October 2022 but [then the ] typhoons came.”
The BSP raised the overnight borrowing rate by 350 basis points this year to match the US Fed rate adjustment. “The BSP’s latest baseline forecasts show that average inflation is still projected to breach the upper end of the 2-4 percent target range for 2022 and 2023 at 5.8 percent and 4.5 percent, respectively,” Medalla said.
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