The inflationary impact of recent tax reforms is starting to ease but global oil prices and recent weather disturbances will keep Philippine consumer price growth elevated in the next few months, S&P Global Ratings said.

“Regarding inflation, the one-off effects of the tax reform are probably starting to dissipate,” the credit ratings agency said in its recently released “APAC Economic Snapshots” report, referring to the Tax Reform for Acceleration and Inclusion (Train) Act.