Philippines' Feb inflation at 2.5%, picking up for first time in 7 mths

[MANILA] Philippine inflation picked up for the first time in seven months in February, but the result is unlikely to alter expectations for the central bank to keep rates on hold in the near term.

The consumer price index rose 2.5 per cent in February, matching the median forecast of 2.5 per cent in a Reuters poll and well within the central bank's 2.2-3.0 per cent estimate for the month. It was the first time the index accelerated since July.

Core inflation, which strips out volatile items, also registered a higher print of 2.5 per cent in February, while month-on-month inflation was 0.1 per cent.

The central bank next meets on March 26 to review policy.

REUTERS