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PHILIPPINES:  CPI Paves Way for a Further Cut.

PHILIPPINES
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  • Today’s decline in CPI to 1.9% was much larger than expected.
  • August’s CPI printed at 3.3% and consensus for September was 2.5%.
  • The BSP surprises markets with a cut in rates at their last meeting.
  • Today’s CPI release is below the BSP’s target of 3% +/- 1% and potentially paves the way for for another cut.
  • It is a busy period for Central Banks over the coming weeks and with the next BSP meeting on 16 October, it will be interesting to see if a cut is forthcoming given today’s release. 
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  • Today’s decline in CPI to 1.9% was much larger than expected.
  • August’s CPI printed at 3.3% and consensus for September was 2.5%.
  • The BSP surprises markets with a cut in rates at their last meeting.
  • Today’s CPI release is below the BSP’s target of 3% +/- 1% and potentially paves the way for for another cut.
  • It is a busy period for Central Banks over the coming weeks and with the next BSP meeting on 16 October, it will be interesting to see if a cut is forthcoming given today’s release.