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through PCOO, national government agencies, and other public sector entities in communicating their programs, projects, and services to the Filipino The BSP International Research Conference Volume is the compendium of all research papers presented during the BSP International Research Conference. Year-on-year (y-o-y) headline inflation rose to an average of 3.1% in Q4 2020 from the year- and quarter-ago rates of 1.6% and 2.5%, respectively. They even project inflation rates in December this year and January next year to fall below 2 percent due to higher rates in the respective year-ago levels. 7 January 2020 Philippines: December inflation surprises at 2.5%, likely to bounce then settle in 2020 Overall, average annual inflation clocked in at 2.5% in 2019, down notably from average inflation of 5.2% in 2018 and marking a three-year low. November’s headline inflation rate was up from 0.8% in October, albeit slower than the six-percent inflation rate posted in November 2018. The November 2020 inflation was slightly higher than BSP’s forecast range of 2.4-3.2 percent, driven mainly by higher food inflation, particularly for vegetables, fish, fruits and meat. Published on January 5, 2021. MANILA – Monetary officials forecast a flat movement in the rate of price increases for October 2020 at 2.3 percent, similar to the previous month's level. In total, the Central Bank has already cut its rates by 200 basis points—by 25 basis points in February, 50 basis points in March, another 50 basis points in an off-schedule Monetary Board meeting in April, another 50-basis-point cut in June and the latest 25-basis-point cut just last month. The Bangko Sentral ng Pilipinas (BSP) has set the two-four percent inflation rate target for 2023 until 2024, the same goal range for 2021 and 2022, indicating stable consumer goods prices, as the economy, currently in recession, recovers from COVID-19 pandemic. Should it hit the ceiling of the forecast range, inflation will average 2.7 percent for 2020. “Even with the low inflation environment, there is still a need to improve supply chain efficiency to ensure that prices of essential goods and services remain stable,” Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said. The CPI profile suggests that inflation will likely remain comfortably within the BSP’s 2-4% target range through 2020,” she added. The Philippine Information Agency is the official public information arm of the Government of the Republic of the Philippines. Latest issue: (PDF) Note: Full text in PDF format. PASIG CITY, Jan. 5 -- Despite upside risks, the Philippines’ full-year inflation rate for 2020 settled below the midpoint of the Bangko Sentral ng Pilipinas’ (BSP) target range for the year, the National Economic and Development Authority said. Should inflation hit the floor of BSP’s forecast for the month, inflation will average at 2.6 percent for 2020. This is higher compared to the 3.3% inflation rate recorded in November and the highest inflation rate recorded in the country since March 2019. The uptick in transport (8.6 percent in January 2021 from 8.3 percent in December 2020 Actual inflation last November, however, settled at 1.3 percent. The Philippine Statistics Authority (PSA) was set to announce consumer price index for December in early January 2020. Aside from the ongoing pandemic, the country has been facing adverse weather conditions in recent months. Headline inflation rates in the Philippines (December 2020) ANNUAL INFLATION quickened to a 22-month high in December, driven by a surge in food and transport prices during the holiday season, the Philippine Statistics Authority (PSA) said on Tuesday. 1. Core inflation, which excludes volatile food and energy prices, climbed to 3.1% in December from 2.6% in November. Aileen Cerrudo • January 5, 2021 • 530. Inflation averages 2.6% in 2020 January 23, 2021 The Bangko Sentral ng Pilipinas (BSP) published the 77th issue of the quarterly BSP Inflation Report … Summary Inflation Report Consumer Price Index for the Bottom 30% Income Households (2012=100) : January 2021: January 5, 2021: Summary Inflation Report Consumer Price Index for the Bottom 30% Income Households (2012=100) : December 2020 Philippines: December inflation peaks at 3.5% as food ... we do not expect BSP to adjust its main policy rate soon. Annually, the BSP holds eight meetings every six weeks. Bianca Cuaresma graduated cum laude from the University of Santo Tomas (UST) with a degree in AB Journalism. In October 22018, she was named Banking Reporter of the Year by the Economic Journalists Association of the Philippines (EJAP). MANILA - Philippine inflation quickened in December to 3.5 percent driven by higher food prices and transport costs, the state statistics bureau said on Tuesday. In its last monetary policy meeting for the year, the BSP revised its inflation target to 2.6 percent from 2.4 percent in the November meeting. Read the full story. Philippines: Inflation climbs back within target range in December January 7, 2020 Consumer prices rose 0.66% over the prior month in December, up from the 0.25% month-on-month increase in November. UnionBank’s Mr. Asuncion said the inflation print in December is “expected to be more than one-percent as well” with full-year 2019 inflation expected to settle at 2.4%. BSP eyes below 2% inflation in Dec. '20, Jan. '21. The faster inflation in December 2020 was mainly driven by the increase in the price indices of food & non-alcoholic beverages, transport, and restaurant & miscellaneous goods & services. It is an attached unit of the Presidential Communications Operations Office (PCOO). Inflation in areas outside NCR (AONCR) followed the national trend as it quickened to 3.7% in December last year from 3.3% in November 2020. In a recent briefing, Arogo said local inflation rate would likely ease starting July and reach a more manageable level of 2.6 percent by December this year. The annual inflation rate in the Philippines unexpectedly was at 4.5% in April 2021, unchanged from the previous month and less than market consensus of 4.7%. THE growth in consumer goods’ prices toward the holiday season likely remained manageable despite typhoon disruptions and economic disturbances caused by the movement and travel restrictions forced by the Covid-19 pandemic, the Central Bank said. Its annual rate in December 2020 was noted at 3.6 percent. The tamer inflation, economists said, will give the BSP further elbow room to cut rates anew if needed by the economy. Bangko Sentral ng Pilipinas (BSP). MANILA – Decline of oil prices in the international market is expected to decelerate further Philippines’ inflation rate, with the April 2020 figure seen to stay within 1.9 percent to 2.7 percent range. December’s inflation rate was within the 2.9 to 3.7 percent range forecast by the Bangko Sentral ng Pilipinas. “This is … Inflation in November hit 3.3 percent. The Bangko Sentral ng Pilipinas (BSP) expects inflation to average 2.3% this year and 2.6% in 2021, well within the 2%-4% target for both years. BS Review The BS Review serves primarily as a forum for presenting the research findings of BSP staff; includes analytical and policy-oriented research articles on various economic, financial and statistical issues of interest to the BSP. Areas outside NCR. The balance of risks to the inflation outlook also leans toward the downside from 2020 to 2022, owing Prices eased for food and non-alcoholic beverages (4.8% vs 5.8% in March), alcoholic beverages (12.0% vs 12.1%). BSP forecasts April 2020 inflation rate at 1.9% to 2.7%. The government’s inflation target from 2020 to 2022 has been set between 2 to 4 percent. READ: BSP delivers another cut in bank reserves by December Inflation averaged 2.5 percent from January to November, well within target. Both remain within the government’s 2-percent to 4-percent target range for inflation for the year. Meanwhile, it kept its expectation unchanged at 2.9 percent for 2022. The Bangko Sentral ng Pilipinas (BSP) said November inflation could hit a high of 3.2 percent from 2.5 percent in October due to the impact of bad weather on the supply and prices of food. Chua emphasized the need to establish processing facilities that will prevent wastage and spoilage of farm harvests, such as the Benguet Agri-Pinoy Trading Center in the Cordillera region where a large part of the country’s supply of vegetables is sourced. Sign up for the monthly news, bulletins, and events. The Inflation Report is published quarterly as part of the BSP's transparency mechanism under inflation targeting and to convey to the public the overall thinking and analysis behind the BSP's decision on monetary policy. The actual inflation rate for November stood at 1.3 percent. Its annual rate in December 2020 was noted at 3.6 percent. BSP Deputy Governor Francisco G. Dakila Jr. explained that inflation below two percent vis-a-vis a two-four percent target is only temporary. By NEDA Economists expect inflation to trend downwards in 2021, as they see the 3.3-percent November inflation as a one-off event. In December 2019, inflation for food was registered at 1.7 percent. BSP forecasts inflation to settle at 3.0% for 2020 and 2.9% in 2021 and the February inflation print points to inflation settling close to that number. Meanwhile, meat inflation inched up for the third consecutive month owing to the decline in domestic swine production due to the African Swine Fever (ASF). Preliminary data from the Philippine Statistics Authority (PSA) showed headline inflation at 2.9% last month, picking up from the 2.5% pace in December, albeit still slower than the 4.4% inflation rate in January 2019. The Philippines' inflation rate spiked to 4.7% in February 2021, the highest since the 4.4% recorded in January 2019. Last December, Diokno said the monetary planner’s economists expected the official inflation rate for the last month of 2020 to settle within the 2.9-3.7 percent range. This is the fastest inflation rate since January 2019 when it was recorded at 4.4%. The January inflation result marked the fastest pace in eight months or since the 3.2% reading in May 2019. Your email address will not be published. • In ASEAN-5 countries, Indonesia’s headline inflation rate slightly eased to 1.6 percent. He also underscored the need to set up additional cold storage facilities, warehouses, and post-harvest centers that will further improve supply management in the agriculture sector, especially in times of natural disasters or when there are surplus in harvest. Full-year inflation came in at 2.5% against the BSP’s 2-4% target … This site uses Akismet to reduce spam. In a briefing, BSP Deputy Governor Francisco Dakila Jr. said the 2.7 percent forecast for this year, made during the MB’s rate setting meet last June, was slashed to 2.6 percent. MANILA – Monetary officials have forecast inflation to dip to less than 2 percent in December 2020 and January 2021 but assured the public that this is not worrisome and will only be due to higher year-ago rates. These could be partly offset by the downward adjustment in electricity rates in Meralco-serviced areas, along with slightly lower rice prices and the continued appreciation of the peso,” the governor said. It was also within the 2 to 4 percent target range of government. Inflation for non-food items was generally stable at 2.3 percent in January 2021, but slower than the 2.7 percent in the same period last year . Inflation picks up in Nov., but on target — PSA, BSP. people. in December 2020 from 3.3 percent in the previous month and 2.5 percent in December 2019 (see Figure 1). BSP term deposit facility rates decline anew Full-year inflation seen to remain elevated T-bond rate declines on strong demand T-bill rates slip amid elevated inflation rate expectations BSP 28-day bills rate declines anew BSP keeps RRP policy rate at 2%. Either projection is higher than the December 2020 inflation rate of … Others have yet to release inflation figures for January 2021, but Thailand and Malaysia have recorded slower deflation in December 2020 while Singapore posted zero growth in overall prices. Inflation climbed to 3.5% in December. The annual inflation rate in the Philippines unexpectedly was at 4.5% in April 2021, unchanged from the previous month and less than market consensus of 4.7%. The BSP forecasts a range of 2.4 percent to 3.2 percent for the November consumer price index. In a Viber message to journalists Tuesday, Diokno said upticks in domestic oil prices along with key agricultural products are projected to push inflation rate for the month higher. BSP Deputy Governor Francisco Dakila said during the fourth-quarter 2020 inflation online briefing the actual average inflation rate of 2.6 percent in 2020 was within the official target range of 2 percent to 4 percent for the year. This year’s inflation is seen to average at 2.3 percent while it is 2.8 percent for 2021 and 3 percent for 2022. Presidential Communications Operations Office, 2020 full year inflation settles below midpoint of gov't target. He noted that the month-on-month inflation in December 2019 and January 2020 was at 0.7 percent and 0.6 percent, respectively. This brought the full-year average inflation rate to 2.6%, within the National Government’s (NG) target range of 3.0% ± 1.0%age point for the year. Chua also encouraged the continued use of climate-resilient varieties of seeds and technologies. Thus, we keep our annual forecast of 2.6 percent for the year,” analysts said in the First Metro Investment Corporation (FMIC) and University of Asia and the Pacific (UA&P) Market Call publication. Furthermore, online platforms such as the various Kadiwa ni Ani at Kita modalities as well as the recently launched Deliver-E – a new digital platform that directly links buyers to producers launched by the Department of Agriculture and the Department of Trade and Industry – will also help address issues on logistics. This was the highest inflation rate since February 2019’s 3.8 percent. The January inflation result marked the fastest pace in eight months or since the 3.2% reading in May 2019. The latest inflation figure exceeded the 3.2 percent median forecast of the private sector but is within the 2.9 to 3.7 percent forecast range of the . Diokno did hint at a ... at 3.0% for 1Q 2021 with BSP likely keeping policy rates unchanged and Diokno possibly utilizing his provisional 200 bps reduction in RR by 1Q should 4Q 2020 GDP disappoint. By Joann Villanueva October 30, 2020, 5:22 pm. The Bangko Sentral ng Pilipinas (BSP) has set the two-four percent inflation rate target for 2023 until 2024, the same goal range for 2021 and 2022, indicating stable consumer goods prices, as the economy, currently in recession, recovers from COVID-19 pandemic. April headline inflation […] The PSA said inflation clocked in at 4.2% in January from 3.5% in December 2020. MANILA, Philippines — The inflation rate in December 2020 peaked at 3.5% due to the high prices of pork, vegetables, and other food products. For 2021, the BSP expects inflation to hit 3.2 percent from the earlier expectation of 2.7 percent. All content is in the public domain unless otherwise stated. “The imminent threat of natural calamities every year highlights the need for long-term solutions such as infrastructure investments that would improve flood control, water management and irrigation systems, reforestation, climate-resilient production and processing facilities, among others,” Chua said. BSP’s policy-making Monetary Board (MB), during its rate setting meet last March 19, forecast inflation to average at 2.2 percent this year, and 2.4 percent next year. She joined the BusinessMirror after she graduated in 2013. Should inflation hit the floor of BSP’s forecast for the month, inflation will average at 2.6 percent for 2020. The Bangko Sentral ng Pilipinas (BSP) retained the overnight reverse repurchase (RRP) policy rate at 2.0%, pausing at the last meeting of 2020. Economists expect inflation to pick up in 2021, averaging 2.9%, quicker than 2020's full-year average. BSP eyes October ’20 inflation at 2.3%. Inflation for food index at the country level jumped to 4.9 percent in December 2020, from 4.5 percent in the previous month. January’s inflation print also surpassed the Bangko Sentral ng Pilipinas’ (BSP) forecast range of 3.3% to 4.1%. (NEDA). This, as an annual increment in the index of the heavily-weighted food and non-alcoholic beverages at 3.6% primarily pushed up the overall inflation … Data showed the December inflation picked up from 3.3 percent in November and 2.5 percent a year earlier. The agency has a regional office in all 15 regions and has an information center in 79 provinces across the Philippines. The PIA works with the Office of the President BSP policy tested The higher-than-expected inflation data in January is seen as a signal that space for … Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno told reporters on Tuesday that inflation in December likely settled between 2.9 percent and 3.7 percent. “Higher prices of domestic petroleum products and key agricultural items contributed to upward price pressures during the month. Governor Benjamin Diokno surprised market participants with a 25 bps rate cut at the November meeting citing inflation as benign and the need to provide additional support to the ailing economy as reasons for the rate reduction. The BSP expects the full-year pace to … Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno told reporters on Tuesday that inflation in December likely settled between 2.9 percent and 3.7 percent. MANILA – Rate of price increases for December 2020 is seen to remain manageable, with the range seen between 2.9 and 3.7 percent, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said. Inflation hits 3.5% in December; 2020 average settles at 2.6%. Inflation climbed to 2.9 percent in January from 2.5 percent in December. Meanwhile, inflation felt by the bottom 30% income households accelerated to 4.3% in December 2020 from 3.6% in November 2020. BSP sees stable inflation rate until 2024. Based on the latest climate monitoring of the Philippine Atmospheric, Geophysical and Astronomical Services Administration or PAGASA, the ongoing La Niña is likely to persist until March 2021. Among the sub-groups, prices of vegetables and meat significantly increased from the previous month. MANILA - Prices of goods and services in the Philippines continued to spike in December 2020 as inflation hit a 22-month high of 3.5 percent, above analysts’ expectations of 3.2 percent but still within the Bangko Sentral ng Pilipinas’ forecast range of 2.9 to 3.7 percent. Preliminary data from the Philippine Statistics Authority (PSA) showed headline inflation at 2.9% last month, picking up from the 2.5% pace in December, albeit still slower than the 4.4% inflation rate in January 2019. In line with the inflation targeting approach to the conduct of monetary policy, the Development Budget Coordination Committee (DBCC), during its meeting on 3 December 2020, decided to keep the current inflation target at 3.0 percent ± 1.0 percentage point for 2021 – 2022 and set the inflation target range at 3.0 percent ± 1.0 ppt for 2023 – 2024. Learn how your comment data is processed. MANILA – The Bangko Sentral ng Pilipinas (BSP) forecasts January 2020 inflation rate to go up to as high as 3.3 percent, with the lower end of the projection at 2.5 percent, due to upticks in the prices of the liquified petroleum gas (LPG) and selected food items.. The ABS-CBN Data Analytics Group meanwhile noted that Philippine inflation in December was the fastest among major ASEAN economies. The Monetary Board decided to maintain the interest rate on the BSP’s overnight reverse repurchase facility at 2.0 percent. For 2020, the forecast was cut from three percent to 2.9 percent while the 2021 forecast was set at 2.9 percent. “Looking ahead, the BSP will continue to monitor economic and financial developments to ensure that its primary mandate of price stability conducive to balanced and sustainable economic growth is achieved,” Diokno said on Tuesday. The lower end of the forecast range is the same level as the December 2019 print. We forecast inflation to remain at 3.0% for 1Q 2021 with BSP likely keeping policy rates unchanged and Diokno possibly utilizing his provisional 200 bps reduction in RR by 1Q should 4Q 2020 … The faster inflation in agricultural products could be traced to lower production following the damage caused by previous typhoons. We forecast inflation to remain at 3.0% for 1Q 2021 with BSP likely keeping policy rates unchanged and Diokno possibly utilizing his provisional 200 bps reduction in RR by 1Q should 4Q 2020 … (Table 7) The annual rate of the index of It will also be the fastest inflation rate for the country since December 2018 when inflation hit 5.1 percent. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said inflation in September could be lower at 2.2 percent, lower than August’s actual 2.4 percent rate. The inflation rate rose to 3.5 percent in December, the fastest in 22 months, on higher prices of food products amid the holiday season, the Philippine Statistics Authority said Tuesday. The December inflation The December figure is higher than the 2.1% median in a BusinessWorld poll conducted late last week and falls near the high end of the 1.8-2.6% estimate given by the Bangko Sentral ng Pilipinas (BSP). “For 2023 to 2024, inflation would The agency’s economists are also expecting inflation rate for the month to come in between 3.3 percent and 4.1 percent. the highest inflation rate at 8.0 percent in January 2021. Despite this, the country’s average inflation rate for 2020 settled at 2.6 percent, only slightly higher than the 2.5 percent in 2019 and well within the 2 to 4 percent inflation target range of the government for the year. For 2020, five of these meetings were rate cuts to bolster monetary policy support for the pandemic-ravaged economy. 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PASIG CITY, Jan. 5 -- Despite upside risks, the Philippines’ full-year inflation rate for 2020 settled below the midpoint of the Bangko Sentral ng Pilipinas’ (BSP) target range for the year, the National Economic and Development Authority said. The Philippine Statistics Authority reported today that in December 2020, the country’s headline inflation rate accelerated to 3.5 percent, coming from 3.3 percent in November 2020 and 2.5 percent in December 2019. INFLATION inched up to 1.3% in November following five straight months of easing, the Philippine Statistics Authority (PSA) reported on Thursday. The Bangko Sentral ng Pilipinas (BSP) retained the overnight reverse repurchase (RRP) policy rate at 2.0%, pausing at the last meeting of 2020. Inflation was steady for both clothing (at 1.6%) and education (at 1.1%). Your email address will not be published. Should inflation hit the floor of BSP’s forecast for the month, inflation will average at 2.6 percent for 2020. 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