By Brian Jules Campued
The headline inflation in the Philippines is expected to settle within the range of 4.0% to 4.8% in July, the Bangko Sentral ng Pilipinas (BSP) announced Wednesday.
In its month-ahead inflation forecast for July, the BSP said the increases in the prices of some agricultural products, such as vegetables, meat, and fruits will contribute to the upward price pressures for the month.
Notably, higher electricity rates and domestic oil prices were also attributed to the possible uptick in inflation.
On the other hand, the Central Bank added that lower prices of rice and fruits, along with Philippine peso appreciation, are expected to offset the faster hike in the prices of other commodities.
“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 formulation,” the BSP said in a statement.
To recall, the Philippine Statistics Authority (PSA) reported that June’s inflation eased to 3.7% from 3.9% in May. – iro
