Bangko Sentral delivers another 25 bps rate hike to stem inflation IN BRIEF

“Moreover, inflation expectations have increased slightly for 2023, while those for 2024 and 2025 remain near the upper end of the target band. The Monetary Board supports the creation of the Inter-agency Committee on Inflation and Market Outlook,” Medalla said.

He said the balance of risks to the inflation outlook for 2023 and 2024 remained tilted heavily towards the upside. The effect of supply shortages on domestic food prices remained a concern, while the potential impact of higher transport fares, increasing electricity rates and above-average wage adjustments in 2023 pointed to the broader-based nature of price pressures.