The Bangko Sentral ng Pilipinas (BSP) has projected a lower inflation rate for the month of March due to the recent rollback in domestic petroleum and the decline in prices of some food items.
In its month-ahead inflation forecast, the BSP said the March 2023 inflation rate is eyed to settle within the range of 7.4 to 8.2 percent.
“The recent rollback in domestic petroleum prices, lower prices of fruits and vegetables as well as the decline in chicken and sugar prices, are expected to contribute to easing price pressures during the month,” the BSP stated.
Moreover, upward price pressures for the month are seen to come from higher electricity rates in Manila Electric Company-serviced areas likewise, from the increased prices pork, fish, eggs, and rice.
The BSP ensured that it “remains prepared to respond appropriately to continuing inflations risks in line with its data-dependent approach to monetary policy formulation.”
For this year, the government targets the domestic inflation rate to range within 2 to 4 percent.
