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MANILA, Philippines – Government inflation targets for 2014 to 2016 will remain at current levels, the Bangko Sentral ng Pilipinas (BSP) announced Monday, April 21.
In a statement, the BSP said the inflation target for 2014 will stay at 3% to 5%, and at 2% to 4% for 2015 to 2016.
The BSP said it based its 2014 inflation target on an assessment of “current inflation developments, evolving economic and financial trends as well as indicators of the public’s inflation expectations and the BSP’s emerging forecasts.”
“The Government also decided to maintain the medium-term inflation target of 3.0 percent ± 1.0 percentage point for 2015 – 2016 as it continues to be consistent with the country’s current inflation dynamics and outlook for the next couple of years and the expected higher potential capacity under a low inflation environment,” it said.
In February, inflation eased to 4.1% from 4.2% in January.
The BSP announces inflation targets two years in advance.
A recent report by the Asian Development Bank predicts rising inflation rates would be one of the factors that would weigh on consumer spending, slowing down the growth of the Philippine economy.
ADB forecasts the Philippine economy to grow by 6.4% in 2014 and 6.7% in 2015, down from 7.2% in 2013. – Rappler.com
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