MONETARY authorities have rescheduled an upcoming policy meeting, choosing to await the release of inflation data for March.

In a statement on Friday, the Bangko Sentral ng Pilipinas said the Monetary Board (MB) would now meet on April 8 instead of April 4.

"The MB wanted to wait for the release of the March CPI (consumer price index) data which comes out on April 5th, together with other data," Monetary Board member Romeo Bernardo told The Manila Times.

Consumer price growth snapped a four-month downtrend in February, rising to 3.4 percent from 2.8 percent at the start of the year.

BSP Governor Eli Remolona Jr. expects the rate to pick up this month to 3.9 percent, still within the 2.0- to 4.0-percent target, due to base effects.

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. Photo from BSP

The central bank has warned that inflation could top 4.0 percent in the second quarter due to the impact of the El Niño weather pattern on food prices before settling within target later in the year.

The BSP's benchmark rate currently stands at 6.5 percent, the highest since 2007, following 450 basis points of hikes beginning May 2022 as inflation surged in the wake of Russia's invasion of Ukraine.

Analysts expect the Monetary Board to keep key rates on hold and only begin easing once inflation settles firmly within target, with the first cut likely in June.

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