Philippine inflation held steady in October at 1.7 percent, according to data released Wednesday by the Philippine Statistics Authority. The figure matched September’s reading and landed squarely within the Bangko Sentral ng Pilipinas (BSP) projection of 1.4 to 2.2 percent for the month.
With consumer price growth staying subdued, the BSP has continued easing borrowing costs to lift economic activity, which has recently underperformed forecasts. Analysts note that cheaper credit has helped households and businesses, but may also be pressuring the peso. The currency slid to a record P59.20 against the US dollar late last month before recovering some ground in the days that followed.
Markets are now watching for another monetary adjustment, as expectations build for one more policy rate cut before year-end.
