MANILA – Slower than expected inflation in September could be a sign that the rise in consumer prices has peaked and policy steps to tame the spikes are working, the Bangko Sentral ng Pilipinas said.
September inflation of 6.7 percent was below the 6.8-percent forecast of economists and within the BSP’s 6.3 to 7.1 percent range. President Rodrigo Duterte’s economic managers said the data showed “clear signs” of easing.
“Despite the impact of typhoon ‘Ompong,’ escalating global oil and food commodity prices, we are beginning to feel the positive impact of various non monetary measures,” BSP deputy governor Diwa Guinigundo said in a statement.
He cited the accelerated release of government-subsidized rice and close monitoring of retail prices.
“Barring unforeseen events in the last quarter of the year, we could have seen the peak of inflation in recent period and initial signs of disinflationary trend through 2020,” he said. (ABS-CBN News)
