Bangko Sentral sees inflation slower in April

Consumer prices may have risen at a slower pace this month than in March, largely influenced by the lower costs of food and fuel, the Bangko Sentral ng Pilipinas said Monday. Annual inflation may settle between 2.2 percent and 3.1 percent in April, Bangko Sentral Governor Amando Tetangco Jr. noted in a text message to reporters. Annual inflation slowed to 3.2 percent in March from 3.4 percent in February, a five-month high which brought the average to 3.2 percent in the first three months. Consumer prices rose by 3 percent last January. Tetangco said lower food and oil prices may have slowed down inflation this month, offsetting the peso's relative weakness against the dollar. The exchange rate hovered in the P41 to-a-dollar territory in April, weaker than the P40 levels the peso was trading at the start of the year. On Thursday, Bangko Sentral Deputy Governor Diwa Guinigundo announced that the Monetary Board cut inflation forecast for this year on expectations of lower costs of crude in the world market. — VS, GMA News