(Bloomberg) -- Philippine inflation eased to the slowest in more than four years as lower import tariffs cooled price gains in rice, providing a favorable backdrop for loose monetary policy.
Consumer prices rose 1.9% on-year in September, the statistics agency said on Friday. That’s the slowest print since May 2020, and just outside of the central bank’s 2%-2.8% projected range for the month. That puts the nine-month average at 3.4%.
The latest data puts the Bangko Sentral ng Pilipinas in a better position to cut its key rate some more after a 25-basis-point reduction in August. Governor Eli Remolona has signaled another quarter-point cut each in October and December meetings.
©2024 Bloomberg L.P.