Philippines inflation surges to 7.2%
BSP pledges response as economists say large rate hikes may be on the table
The Central Bank of the Philippines (BSP) has said headline inflation in the country rose to 7.2% year on year in April, well exceeding the institution’s forecasts and target figure.
In a statement on May 5, the BSP said the figure represented a 3.1 percentage point increase on the inflation level in March. The bank had forecast inflation of 5.6–6.4% in April.
The BSP said it was committed to slowing inflation and would take “necessary actions” to ensure price increases returned to its 3% target
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