Downward trend forecast on inflation
Monday, February 27, 2023 | 540 Views |
Moses Pelaelo PIC: MORERI SEJAKGOMO
The central bank says the direction of inflation allows it to adopt an "accommodative monetary policy stance" for this year, which could see interest rate cuts that put money back in borrowers' pockets.
Briefing journalists on Thursday, BoB governor, Moses Pelaelo said from a peak of 14.6% last year, inflation has been declining, reaching 12.4% in December 2022, and 9.3 percent in January.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...