MANILA: Philippine annual inflation likely quickened for a fifth straight in March, but remain within the central bank’s target range, a Reuters poll showed. The consumer price index is expected to have risen to 3.4 percent in March, the highest since November 2014, due to higher power rates and a weak peso, according to the median forecast of 14 analysts surveyed. The estimate was within the central bank’s 3.0-3.8 percent forecast for the month.
Policymakers expect this year and next year’s inflation to average 3.4 percent and 3.0 percent, respectively, lower than previously thought, on falling oil prices and global economic uncertainties. [nL3N1GZ3BP] The central bank kept its benchmark interest rate <PHCBIR=ECI> steady at 3.0 percent last month, with inflation on course to fall within its 2-4 percent target this year. Tame inflation and strong growth has allowed the central bank to rates steady since it raised its main rate by 25 basis points in September 2014.
