MANILA, Feb 5 (Reuters) - Philippine annual inflation accelerated to 2.0% in January, the fastest pace in 11 months, driven mainly by higher costs for utilities and housing rentals but the rate should provide policymakers enough comfort around current monetary settings.
January's result came in above the 1.8% median forecast in a Reuters poll, which matched December's rate, and was well within the central bank's 2% to 4% target for the year.
After cutting rates by a total 200 basis points to 4.5%, the Philippine central bank reiterated that its easing cycle was nearing its end.
"Any further easing is likely to be limited and guided by incoming data," the central bank said in a statement following the date.
Core inflation, which excludes volatile food and energy items, also quickened, rising to 2.8% from 2.4% in December.
The main drivers behind the faster-than-expected headline figure were higher electricity, water, and housing rental prices, the statistics agency said on Thursday. The index climbed 3.3%, its fastest increase since August 2024.
(Reporting by Mikhail Flores and Karen Lema; Editing by Martin Petty and Shri Navaratnam)
By Mikhail Flores and Karen Lema
