MANILA: The Philippine central bank expects annual inflation to accelerate in November due to damage caused by typhoon Haiyan to agriculture and supply channels, but said current policy settings remain appropriate as growth remains strong.
Governor Amando Tetangco said inflation will likely quicken to 3.3-4.1 percent in November from a year earlier, with the low end of the forecast range the highest in eight months.
Tetangco also said Thursday's data showing the economy expanded 7.0 percent in the third quarter from a year ago "affirm the appropriateness of current monetary policy settings."
"I believe the sound macroeconomic fundamentals and credible policy frameworks can sustain the economy's clear growth potential," Tetangco said in a mobile text message to reporters. The official inflation data will be released on Dec. 5.
The central bank meets for the last time this year to review policy on Dec. 12.
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