Jan CPI at fresh 14year high of 8.7
Fasterthanexpected inflation raises odds of bigger rate hike
Economic planning chief says inflation to moderate this year

MANILA, Feb 7 Reuters Philippine annual inflation blew past expectations in January to reach a fresh 14year high on surging food prices, raising the chance of the central bank delivering a larger interest rate hike to tame prices when it meets this month.

The consumer price index CPI rose 8.7 in January, the statistics agency said on Tuesday, well above the 7.7 forecast in a Reuters poll and topping the 8.1 rate in December, when the central bank had expected prices to peak.

Core inflation, which strips out volatile food and fuel items, also increased to a more than twodecade high of 7.4, from December39;s 6.9, suggesting price pressures remain broad.

President Ferdinand Marcos Jr, who also holds the post of agriculture secretary, said it was unfortunate inflation continued to rise, but the pace of price increases should ease with a drop in the cost of fuel and imported agricultural products.

We have already taken some measures so that the supply will be greater and so that will bring the prices down but that will take a little time, Marcos said, echoing the predictions of his economic ministers.

Speaking after the data, Finance Secretary Benjamin Diokno said he expected inflation to start slowing in the first quarter as the government intensifies measures to boost food production.

The Philippine central…