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MANILA, Philippines — Domestic inflation is expected to rise to 3.7 percent in March 2022, from 3 percent the previous month, due to an increase in oil costs, among other factors.

Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) said the expected range for the month is between 3.3 and 4.1 percent in a Viber message to journalists on Thursday.

“The key sources of inflationary pressures during the month were continuous oil price hikes, high electricity rates in Meralco-serviced areas, higher meat prices, and the peso devaluation,” he said.

Lower water rates in areas served by both Maynilad and Manila Water, as well as a drop in the cost of rice, fish, and vegetables “due to easing supply conditions,” are expected to counteract these factors, he said.

“Looking ahead, the BSP will continue to monitor emerging pricing changes and potential second-round consequences to assist in achieving its main mandate of price stability that is conducive to balanced and sustainable economic growth,” he added.

The central bank’s policy-making Monetary Board (MB) recently raised the BSP’s average inflation estimates due to rising oil costs on the international market.

The BSP raised its average inflation forecast for this year to 4.3 percent, over the government’s 2-4 percent goal band, and to 3.6 percent for 2023.

Previously, these figures were 3.7 percent for 2022 and 3.3 percent for 2023.

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