Gov't hikes inflation target; BSP keeps rates steady

The government has hiked its inflation target for the whole year to 5.4% given rising oil and food prices. This followed a National Statistics Office (NSO) announcement that September inflation rate had hit 6.9%, the highest in three years. Socioeconomic Planning secretary Romulo L. Neri, in a state...

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Bibliographic Details
Published in:Business world (San Juan, Philippines) Philippines), 2004-10, p.1
Main Author: Jennifer A. Ng and Iris Cecilia C. Gonzales
Format: Article
Language:English
Subjects:
Abola, Victor A
Crude oil prices
Energy economics
GDP
Gross Domestic Product
Inflation
Inflation rates
Interest rates
Monetary policy
Neri, Romulo L
Pernia, Ernesto
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Summary:The government has hiked its inflation target for the whole year to 5.4% given rising oil and food prices. This followed a National Statistics Office (NSO) announcement that September inflation rate had hit 6.9%, the highest in three years. Socioeconomic Planning secretary Romulo L. Neri, in a statement, yesterday said "The government expects full-year inflation to average 5.4%, slightly above the 4% to 5% inflation target earlier set by the government." "Monetary authorities will continue to assess economic and financial developments and undertake the necessary adjustment in monetary policy settings to arrest the buildup in inflation expectations and prevent inflation persistence," BSP officer-in- charge Armando L. Suratos yesterday said in a statement.
ISSN:0116-3930