Inflation at 6.2 percent for third quarter of 2018: BSP | ABS-CBN

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Inflation at 6.2 percent for third quarter of 2018: BSP

Inflation at 6.2 percent for third quarter of 2018: BSP

ABS-CBN News

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Updated Oct 19, 2018 10:33 AM PHT

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Consumers and workers at the La Huerta Public Market in Paranaque City on September 28, 2018. George Calvelo, ABS-CBN News

MANILA - Inflation for the third quarter averaged at 6.2 percent, data from the Bangko Sentral ng Pilipinas (BSP) released Friday showed, citing supply-side pressures.

The third quarter average is higher compared to the 4.8 percent in the previous quarter, bringing the year-to-date average to 5 percent, BSP Officer in Charge Maria Almasara Tuano-Amador said in a press briefing.

Consumer prices rose 6.7 percent in September, slightly below forecasts, according to the Philippine Statistics Authority.

The BSP hiked its benchmark borrowing rate for 4 straight policy meetings this year to address inflation, bringing it to 4.5 percent from 3 percent. It also raised its inflation outlook this year to 5.2 percent and 2019 to 4.3 percent.

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Inter-agency Development Budget Coordination Committee (DBCC) in its medium-term macroeconomic assumptions released last Oct. 16, also revised its inflation outlook for 2018 to 4.8 to 5.2 percent from 4 percent to 4.5 percent.

The government said it has placed measures to address inflation.

Prices of some basic goods will not be increased for at least 3 months, after the government appealed to manufacturers, the Department of Trade and Industry said in September.​

Once enacted into law, the rice tarrification bill is also expected to bring down the prices of rice, Budget Secretary Benjamin Diokno earlier said.

The BSP said inflation could "revert quickly" back to the target range as monetary and non-monetary policy measures kick in.

"The Banko Sentral believes that it has sent a firm signal of its commitment to combat inflation and safeguard price stability," Tuaño-Amador said.

"Again, we will continue to be very watchful for all developments that affect the inflation outlook so that systematic policy responses can be considered if needed to keep inflation within target," she added.

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