THE BANGKO SENTRAL ng Pilipinas (BSP) is now “a little bit less likely” to cut rates at its Aug. 15 meeting after inflation breached the 2-4% target band in July, its governor said.
“A little bit less likely (to ease) because inflation is high. But we have to look at other numbers,” BSP Governor Eli M. Remolona, Jr. told reporters in mixed English and Filipino on the sidelines of an event on Tuesday.
Mr. Remolona said that July inflation was “slightly worse than expected.”
“That 4.4% (inflation print), there is a base effect there of 0.3 percentage point. Without the base effect, it’s really 4.1%, which is still worse than expected but not that bad because it only slightly breached the ceiling.”
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