Philippine inflation rose to 7.3 per cent in February, up from a year earlier due to price increases in the food, beverage and fuel, light and water sectors, the government said Thursday.
The rise marked an acceleration from the 5.4 per cent rate posted in February 2008 and from the 7.1 per cent rate posted in January this year, the National Statistics Office said.
Excluding the volatile food and energy spaces, the core inflation rate moved at only 6.4 per cent in February, down from 6.9 per cent in January, the office added.
In a statement, central bank deputy governor Diwa Guinigundo said that the inflation rate was within the bank's expectations. The bank had earlier forecast February inflation at 6.6 to 7.5 per cent.
"It is also important to note that core inflation actually slowed down in February versus January," he added.
But he did not say how this would affect the central bank's meeting later in the day to set policy rates.
February marked the first uptick in inflation since September when inflation began to slide down from 17-year highs.
"After slowing in recent months, data in February indicate inflation may move sideways in the coming months. This supports the view that monetary policy will be kept unchanged," Jonathan Ravelas, a market strategist of Banco De Oro told Dow Jones newswires.
The rise marked an acceleration from the 5.4 per cent rate posted in February 2008 and from the 7.1 per cent rate posted in January this year, the National Statistics Office said.
Excluding the volatile food and energy spaces, the core inflation rate moved at only 6.4 per cent in February, down from 6.9 per cent in January, the office added.
In a statement, central bank deputy governor Diwa Guinigundo said that the inflation rate was within the bank's expectations. The bank had earlier forecast February inflation at 6.6 to 7.5 per cent.
"It is also important to note that core inflation actually slowed down in February versus January," he added.
But he did not say how this would affect the central bank's meeting later in the day to set policy rates.
February marked the first uptick in inflation since September when inflation began to slide down from 17-year highs.
"After slowing in recent months, data in February indicate inflation may move sideways in the coming months. This supports the view that monetary policy will be kept unchanged," Jonathan Ravelas, a market strategist of Banco De Oro told Dow Jones newswires.
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