21-12-2023 (MANILA) The central bank of the Philippines announced on Thursday its decision to keep the inflation target range at 2 per cent to 4 per cent until 2026, emphasizing its commitment to adjusting monetary policy as needed to achieve these goals.
In a statement, the central bank stated that the existing inflation target range remains a suitable representation of the medium-term objective for price stability.
“The current and projected inflation environment continues to support the steady growth of the economy,” the central bank asserted.
The sustained higher-for-longer policy stance, combined with non-monetary measures implemented by the government, is designed to facilitate a consistent return of inflation to the medium-term target and ensure that inflation expectations remain stable, according to the central bank.
Despite a slight easing to 4.1 per cent in November, Philippine inflation for the year reached 6.2 per cent, still exceeding the central bank’s target range of 2 per cent to 4 per cent for 2023.
