BSP ready to adjust policy rate to battle inflation

MANILA— The Philippine central bank said on Tuesday it remains focused on restoring inflation to within the government’s target, and stands ready to adjust its monetary policy settings, after inflation hit a fresh 14-year high in January.

READ: Philippine January annual inflation accelerates to 8.7%

The latest inflation figure points to a need for sustained efforts to combat price pressures, particularly through non-monetary government measures, the central bank said in a statement ahead of its Feb. 16 meeting to review its key policy rate PHCBIR=ECI which is currently at 5.5%, having risen a total 350 basis points in 2022.

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—Reporting by Neil Jerome Morales and Karen Lema; Editing by Kanupriya Kapoor