NextGen Day

In February 2023, the Bangko Sentral ng Philippines (BSP) expects inflation to range between 8.5 and 9.3 percent, noting potential upside risks from rising cooking gas prices.

The central bank said in a statement on Tuesday that higher prices for staple foods like pork, fish, eggs, and sugar are also anticipated to be additional factors driving this month’s rate of price hikes.

The reduced prices for domestic gasoline, fruits and vegetables, chicken, and cattle are thought to balance these factors.

The BSP stated that “the peso appreciation could help to ease price pressures during the month.”

This comes after the peso recently surged to a level of 54 against the US dollar.

In January of last year, the inflation rate increased from 8.1 percent to 8.7 percent. Hopes that the domestic inflation rate had likely peaked in December were dashed by its increase.

The central bank stated that it would keep modifying its position on monetary policy as needed to stop the spread of price pressures and the creation of new second-order effects.

To assist in combat the high inflation rate, it has raised its key policy rates by a total of 400 basis points.

According to its mandate for price stability, the BSP “will also continue to closely monitor emergent pricing changes,” the central bank noted.

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