November’s Inflation Rate Spike Only Temporary: BSP

The Bangko Sentral ng Pilipinas (BSP) guaranteed to the public that the 3.3% inflation rate for the month of November is only temporary since food and basic good prices increased a little bit due to recent typhoons.

The November inflation is higher than the BSP’s inflation forecast of 2.4-3.2%.

“Within the government’s target range of 3 percent, plus or minus 1 percent for 2020-2022, as the impact of supply disruptions due to recent typhoons is expected to be largely transitory,” said BSP Governor Benjamin Diokno.

Diokno added that domestic and global risks are still being considered by BSP due to the ongoing COVID-19 pandemic, in fact Diokno admitted that re-imposition of strict border and lockdowns will definitely hurt the economy.

“The BSP stands ready to deploy its full arsenal of instruments,” said Diokno. (MLC)