Philippines: Inflation deflates further in May – UOB – by pabspiovano Philippines Inflation CPI Banks
Senior Economist at UOB Group Julia Goh and Economist Loke Siew Ting comments on the latest release of inflation figures in the Philippines.The Philippines’ headline inflation eased for a fourth straight month to 6.1% y/y in May , marking the lowest level since Jun 2022. The reading matched Bloomberg consensus but came in a tad lower than our estimate of 6.2%.
The latest month of inflation outturn and anchored inflation expectations continue to strengthen the case that the BSP may have been done with its rate hikes. Real interest rates have turned positive for the first time since Sep 2020 last month while core inflation eased for a second month albeit at a moderate pace, further reflecting the lagged effects of past rate hikes. Hence, we reiterate our year-end BSP rate projection to be unchanged at the current 6.
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