Philippines: Inflation surprised to the downside – UOB – by pabspiovano Philippines Inflation CPI Banks
, above-average wage adjustments, and impact of African Swine Fever infections), we maintain our 2023 full-year average inflation projection of 6.0% for now .”
“Although headline inflation has come off faster than our expectations for two straight months in Mar-Apr, demand price pressures remain stubbornly high as revealed by both services and core inflation prints. The soon-to-be-released 1Q23outturn is also crucial to affirm the robustness of domestic demand. It will raise the risk of further broadening of price pressures and the emergence of additional second order effects should the BSP surrender its inflation fight too soon.
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