BSP in no rush to cut, Indonesia’s dodgy GDP data

Headline inflation in the Philippines fell sharply last month, but with the core rate still elevated and worries about the inflationary impact of El Niño rising, the central bank (BSP) is in no rush to cut interest rates. Meanwhile, official GDP figures are likely to show economic growth in Indonesia was unchanged at 5.0% y/y last quarter. In contrast, our own Indonesia Activity Tracker suggests that not only is the economy slowing sharply, but it is also growing at a weaker pace than the official figures suggest.