The growth of consumer prices could accelerate to 6 percent in June this year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Thursday, as continued increases in key commodities affect the consumer basket.
THE growth of consumer prices could accelerate to 6 percent in June this year, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said on Thursday, as continued increases in key commodities affect the consumer basket.
Diokno said the continued increase in domestic oil prices, upward adjustment in electricity rates, higher prices of key food items, and peso depreciation are the primary sources of inflationary pressures during the month. BSP officials said a Dubai crude oil price of $90 per barrel in 2023 is the threshold at which inflation may be expected to decelerate back to within target for that year.
“Looking ahead, the BSP will continue to closely monitor emerging price developments to enable timely intervention to arrest emergence of further second-round effects, consistent with BSP’s mandate of price and financial stability,” Diokno said.
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