The Bangko Sentral ng Pilipinas is preparing for an extreme El Niño scenario, dubbed « Godzilla El Niño », which is expected to worsen inflation between November and February. Philippine inflation accelerated to 7.2% in September from 6.1% the previous month, with rice prices surging 18%, making the Philippines the world’s biggest rice importer. The central bank has already raised its benchmark rate to 5% in August and is expected to hike it to 5.25% next week, followed by another increase in December. Governor Eli Remolona said the institution remains fully focused on maintaining price stability.
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