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Inflation rate in Philippines down in March
Publication Date : 04-04-2014
The rise in consumer prices in the Philippines decelerated for the second consecutive month in March due to the slower-than-usual increase in fuel, power, and commodity prices, government data released Friday showed.
Inflation for March eased to 3.9 per cent from 4.1 per cent in February. This brought the three-month average to 4.1 per cent, the Philippine Statistics Authority reported.
Inflation peaked this year at 4.2 per cent in January.
The figure for March was below the midpoint of the Philippine central bank’s projected range of 3.7 to 4.6 per cent for the month.
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said inflation remained manageable for now.
“This is consistent with our assessment and supports our manageable inflation outlook,” Tetangco said in a statement. “That said, we will continue to be watchful of global developments — shifts in the Fed stance, geopolitical risks, growth prospects and financial market developments in China.”
Last month, the BSP raised the required amount of deposits banks had to set aside as reserves to 19 per cent of total loan portfolio for universal and commercial lenders as part of efforts to keep liquidity and price pressures in check. The BSP’s move also signalled that authorities would continue to tighten monetary settings, as needed.