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Radar Report: Expect higher inflation forecast for 2023 and 2024
The Bangko Sentral ng Pilipinas (BSP) tries to balance price stability and the national government’s agenda for economic growth.
By EA Aguirre
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The BSP paused policy interest rates for the third consecutive meeting as both inflation and economic growth slow down considerably, but it revised full-year 2023 and 2024 inflation forecasts higher due to increasing global oil and rice prices.
Metrobank Research has revised its year-end policy rate forecast from 6.00% to 6.25% on higher inflation expectations. No further tightening is expected on account of the lower Q2 GDP growth rate but there will likely be gradual easing over the next two years.
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