Philippine's Inflation at 14 Year High of 8,7%

Philippine's annual inflation blew past expectations in January to reach a fresh 14-year high, amid surging food prices. Raising the chance of the central bank delivering a larger interest rate hike to tame prices when it meets this month.

The statistics agency said, that in January the consumer price index rose 8,7 %, that's well above the 7,7% forecast and topping the 8,1 % rate in December 2022. When the central bank actually expected prices to peak.

At its February 16 rate-setting meeting, the BSP which said on Saturday, that it will focus on inflation rather than the federal reserve's most recent 25-basis point hike.