MANILA — The Philippine central bank kept its benchmark rate unchanged at 6.50% for a fourth straight meeting on Monday, as expected, even as inflation further quickened in March.
All 21 economists in a Reuters poll had expected the BSP to keep its target reverse repurchase rate PHCBIR=ECI unchanged.
Annual inflation accelerated for a second straight month in March to 3.7% on higher food and transport costs. Rice inflation jumped to its fastest pace in 15 years, accounting for nearly half of the price uptick for the month.
READ: Philippine annual inflation at 3.7% in March
The central bank has raised rates by 450 basis points since May 2022, including in an off-cycle hike in October.
“Risks to inflation outlook continues to lean towards the upside,” Bangko Sentral ng Pilipinas Governor Eli Remolona told a press briefing.
— Reporting by Mikhail Flores and Neil Jerome Morales; Editing by Kanupriya Kapoor