NextGen Day

The Bangko Sentral ng Philippines (BSP) said that the price of domestic gasoline and several food goods has decreased, which is thought to be a factor in the potential deceleration of the inflation rate in March to between 7.4 percent and 8.2 percent.

The BSP stated in a statement on Friday that the recent drop in oil prices “is projected to contribute to alleviating price pressures over the month,” along with lower costs for fruits, vegetables, chicken, and sugar.

The Manila Electric Company (Meralco), as well as increases in the costs of pork, fish, eggs, and rice, are thought to be the main causes of the month’s price pressures.

According to its data-dependent approach to monetary policy formulation, “the BSP remains prepared to respond effectively to continued inflation risks going forward,” it added.

After reaching a 14-year high of 8.7 percent in the previous month, the rate of price increases decreased to 8.6 percent in the second month of this year.

The government’s 2 to 4 percent objective for domestic inflation is expected to be exceeded for the majority of this year before returning to the target by the third quarter of 2023, according to monetary authorities.

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