NextGen Day

MANILA, Philippines — Oil prices, as well as their impact on power rates and several commodities, are expected to increase domestic inflation rates between 4.2 and 5% in April 2022.

The positive base effect, which refers to the 4.5 percent inflation rate in April of last year, has been another source of pricing pressure in the past month.

“The key causes of inflationary pressures throughout the month are higher electricity rates in Meralco-serviced areas, increased domestic petroleum prices, as well as higher meat and fish prices,” the Bangko Sentral ng Pilipinas (BSP) said in a statement on Friday.

Lower costs of fruits and vegetables, as well as the largely steady peso, could counteract the positive base effects, according to the BSP.

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

Given the rise in the price of oil and other commodities on the international market, monetary officials expect inflation to accelerate.

During its March rate-setting meeting, the BSP’s policy-making Monetary Board raised the central bank’s average inflation projection for this year to 4.3 percent from 3.7 percent, and for 2023 to 3.6 percent from 3.3 percent.

In March, the rate of price rise rose to 4%, up from 3% the previous month.

Inflation in the first quarter of this year averaged 3.4 percent, remaining within the government’s goal range of 2-4 percent.

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