Espenilla: Bangko Sentral 'firm' in meeting inflation target

ABS-CBN News

Posted at Aug 07 2018 09:52 AM

Espenilla: Bangko Sentral 'firm' in meeting inflation target 1
Bangko Sentral ng Pilipinas Governor Nestor Espenilla. Jonathan Cellona, ABS-CBN News/File

MANILA -- The Bangko Sentral ng Pilipinas is "firm" in meeting its 2 to 4 percent inflation target, Governor Nestor Espenilla said Tuesday, after the rise in consumer prices quickened for the seventh straight month.

Inflation reached 5.7 percent in July, a fresh 5-year high and hitting the high end of the BSP think tank's forecast.

The Monetary Board will meet on Thursday. It raised its benchmark rate by 25 basis points twice this year, for a total of 50 points. Second quarter gross domestic product data are also due out on Thursday.

"We will consider all the latest data updates in determining the strength of our follow-through response in the upcoming policy meeting of the MB this Thursday," Espenilla said in a statement.

"I reiterate the BSP’s firm commitment to meet the inflation target of 2 to 4 percent," he said.