NextGen Day

The domestic inflation rate is expected to continue to slow down in June 2023, according to projections made by the Bangko Sentral ng Pilipinas (BSP), which expects it to range between 5.3 percent and 6.1 percent.

The BSP cited the price increases of important food products such as rice, vegetables, and fish as well as the increased costs of domestic fuel and power rates as the upside risks to the rate of price increases in June in a statement released on Friday.

It said that the peso’s decline in value relative to the US dollar most likely contributed to the month’s positive risks.

In contrast, it is believed that the “lower prices of meat and fruits, as well as the rollback in LPG (liquefied petroleum gas) prices, could contribute to downward price pressures during the month.”

According to its data-dependent approach to monetary policy formulation, the BSP will continue to monitor developments that could affect the outlook for inflation and GDP moving forward, as stated in the statement.

The domestic inflation rate has declined after reaching a 14-year high of 8.7 percent in January.

It decreased from 6.6 percent in April to 6.1 percent in May.

Average inflation for the first five months of this year was 7.5%, which is still higher than the government’s target range of 2 to 4 percent.

According to the monetary authorities’ prediction, the monthly inflation rate will be back within target ranges by October or November of this year.

The average inflation rate predicted by the BSP for this year is 5.4 percent.

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