MANILA -- The Bangko Sentral ng Pilipinas said Tuesday it needed more time to review its monetary policy after inflation in January slowed further and fell below market expectations.

Consumer prices rose 4.4 percent in January compared to the 4.5-percent consensus of economists. BSP Deputy Governor Diwa Guinigundo said policy tightening would "eventually" bring inflation back to the 2 to 4 percent target.

Analysts said easing inflation would give the BSP scope to keep interest rates steady after a total 175-basis point increase in 2018 when inflation hovered at near 10-year highs.

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"This latest positive outcome in inflation management gives the BSP more space to review its current monetary policy. With modest demand pressures, monetary policy could be slight on the brake," Guinigundo said in a statement.

"But the BSP needs the benefit of time and more observations," he said. Regulators will be "more strategic," while checking the impact of a recent reduction in banks' reserve requirements.

The BSP's Monetary Board will meet for the first time this year on Thursday. All economists polled by Bloomberg and Reuters expect the central bank to keep the benchmark rate unchanged.