The Bangko Sentral ng Pilipinas (BSP) said inflation could be lower in March with a forecast range of 7.4 percent to 8.2 percent versus February’s actual 8.6 percent rate. ManilaBulletin
The BSP said Friday, March 31, that reduced fuel and some fresh produce prices during the last month of the first quarter could pull down inflation levels.
“Upward price pressures for the month are expected to emanate from higher electricity rates in Meralco-serviced areas as well as increased prices of other key food items, such as pork, fish, eggs, and rice,” said the BSP. Medalla said the impact of the monetary tools utilized to reduce price pressures will allow a gradual lowering of the inflation rate until it reached the government target range of two percent to four percent by end-2023.
After raising the policy rate by another 25 bps last March 23, bringing the benchmark rate to 6.25 percent, the BSP adjusted lower its average inflation forecast to six percent from 6.1 percent during its Feb. 16 monetary policy meeting. For 2024, the projection is now 2.9 percent, also lower than the previous 3.1 percent.
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