By Brian Jules Campued
Inflation in the Philippines is expected to settle within the range of 2.8% to 3.6% for January, the Bangko Sentral ng Pilipinas (BSP) announced Wednesday.
This projection is slower than the December 2023 estimate of between 3.6% to 4.4%.
In its month-ahead inflation forecast, the Central Bank said it sees “Higher prices of some agricultural items like rice, meat, fruits, and fish, along with increased petroleum prices, electricity and water rates, annual adjustment in sin taxes, and the depreciation of the peso” as the primary sources of upward price pressures for January.
On the other hand, lower prices of vegetables and sugar are estimated to contribute to downward price pressures.
“Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making,” the BSP said in a statement. – avds