NextGen Day

According to the Bangko Sentral ng Pilipinas (BSP), among other factors, higher electricity prices may cause domestic inflation to range from 7.5 to 8.3 percent in January 2023.

The central bank stated that “authorized water rate rebasing, higher domestic petroleum prices, an uptick in the cost of imported food products, and the annual increase in sin taxes” are additional factors that may have contributed to the rate of price increases for the month.

However, “the fall in LPG (liquefied petroleum gas) prices as well as the peso appreciation” are expected to offset these considerations.

According to its price stability mandate, the BSP “shall continue to change its monetary policy stance at the necessary speed to prevent the further expansion of price pressures and watch new pricing developments attentively.”

Prior to this, BSP Governor Felipe Medalla stated that domestic inflation probably peaked in December of last year and that by the second half of this year, it is expected to revert to within the government’s goal range of 2 to 4 percent.

Inflation in December increased further to 8.1 percent, the fastest since November 2008, after breaching the government’s goal band in April 2022 when it surged to 4.9 percent due primarily to high oil costs and the impact of supply shortages on several food staples.

Inflation last year was 5.8 percent on average.

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