Philippine inflation dips measly 3.6%

But thanks to slower increases in housing prices, food price hikes were balanced.

According to Maybank Kim Eng, headline inflation slowed to 3.6% YoY from 3.8% the previous month. Slower increases in housing and utilities prices offset the rise in food and non-alcoholic beverage inflation brought about by flood damage.

Here's more from Maybank Kim Eng:

The central bank recently raised its inflation forecast for 2012 and 2013 to 3.4% and 4.1%, respectively, on expected higher food and fuel prices. We maintain our 2012 and 2013 forecasts of 3.1% and 4%, respectively.

As the central bank expects inflation to pick up in the coming months, we think it likely the monetary board will raise the policy rate by 50 bps from the current 3.75%. This will likely be done in two 25-bp hikes in 1H13.

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