Central Bank raises 2018 inflation forecast

Reuters

Posted at Nov 09 2017 04:42 PM | Updated as of Nov 13 2017 10:56 AM

MANILA - The Philippine central bank on Thursday raised its inflation forecast for 2018, but kept unchanged its estimates for this year and 2019. 

The central bank expects inflation to average 3.4 percent in 2018, up from a previous forecast of 3.2 percent.

The projections for 2017 and 2019 were maintained at 3.2 percent.

Higher crude oil prices, a weaker peso and an increase in domestic liquidity prompted the central bank to revise the 2018 inflation forecast, central bank deputy governor Diwa Guinigundo told a briefing.

The central bank, which has a 2-4 percent inflation target for 2017 through 2019, on Thursday left its benchmark interest rate unchanged at 3.0 percent, as expected.