BSP sees November annual inflation at 2.7-3.6%


Posted at Nov 26 2012 12:28 PM | Updated as of Nov 26 2012 08:28 PM

MANILA - The Philippine central bank expects annual inflation in November to be at 2.7 to 3.6 percent, helped by favorable supply conditions and the peso's strength, Governor Amando Tetangco said. 

The central bank's November inflation forecast falls well within this year's 3 to 5 percent target range. 

"From a monetary perspective, our current policy stance remains consistent with prevailing monetary and price conditions," Tetangco told reporters in a mobile text message on Monday. 

Annual inflation slowed to 3.1 percent in October, bringing the average inflation rate in 2012's first nine months to 3.2 percent.

The Bangko Sentral ng Pilipinas cut its key policy rate to a record low of 3.50 percent last month to help manage capital inflows that have kept the peso rising against the U.S. dollar and to boost growth amid weak external demand. 

It meets for the last time this year on Dec. 13.