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
