Trend is likely to tick higher.
According to BBVA, inflation rose slightly in the Philippines in January, to 3.0% y/y (consensus: 3.0% y/y, prior: 2.9% y/y) on a pickup in consumer-related items.
"We expect inflation to pick up in the Philippines in 2013 as growth momentum will likely remain robust (BBVA GDP Forecast: 6.0%, inflation forecast: 3.5%), causing rising price pressures," BBVA said.
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