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In April 2023, it is anticipated that lower electricity prices, a decline in the cost of fish and vegetables, and lower liquefied petroleum gas (LPG) prices will help slow the inflation rate to 6.3 to 7.1 percent.

The Bangko Sentral ng Pilipinas (BSP) said on Friday that these factors could be offset by rising costs for meat, rice, and gasoline, as well as the effect of the peso’s depreciation versus the US currency.

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

After reaching a 14-year high of 8.7 percent in January of last year, the rate of price rises slowed down for the second consecutive month in March to 7.6 percent.

Average inflation in the first quarter of this year was 8.3%, significantly higher than the government’s intended range of 2 to 4 percent.

The last quarter of this year is when the monetary authorities anticipate domestic inflation will recover to within-target levels.

The BSP expects inflation to be, on average, 6% this year.

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