The Bangko Sentral ng Pilipinas (BSP) is projecting that inflation will continue its downtrend this month on the back of easing food, fuel, and utility prices.
In its month-ahead forecast, the BSP said it expects inflation—the rate of increase in the prices of goods and services—to settle within the range of 6.3% to 7.1% in April.
The central bank’s forecast range is lower than the 7.6% inflation print recorded in March.
“Lower electricity rates, the decline in prices of fish and vegetables, and rollback in LPG (liquefied petroleum gas) prices contributed to easing price pressures during the month,” the BSP said.
The central bank, however, said upward price pressures are expected to emanate from higher domestic petroleum prices, increased rice and meat prices, and peso depreciation.
“Going forward, the BSP remains prepared to respond appropriately to continuing inflation risks in line with its data-dependent approach to monetary policy formulation,” it said.
The Philippine Statistics Authority is set to release official inflation rate figures for April on May 5, 2023. —VAL, GMA Integrated News