In April, inflation in the Philippines accelerated to 3.8 percent, marking the third consecutive month of faster price increases, driven by higher food and transport costs, as reported by the Philippine Statistics Authority (PSA) on Tuesday.
Despite exceeding market expectations, the figure remained within the Bangko Sentral ng Pilipinas’ (BSP) forecast range of 3.5 to 4.3 percent and within the BSP’s target band of 2 to 4 percent for the fifth consecutive month.
Food inflation rose to 6 percent, with rice prices still high but tempered by lower global prices, while transport inflation increased to 2.6 percent due to higher global crude oil prices.
Secretary Arsenio Balisacan of the National Economic and Development Authority (Neda) highlighted the government’s efforts to ensure food security amid geopolitical risks and extreme weather conditions, while BSP Governor Eli Remolona Jr. indicated potential further inflationary pressures in the coming quarters, with the BSP expected to maintain its policy rate unchanged at 6.5 percent in its next monetary policy meeting on May 16.
Source: PhilNews24 | May 8, 2024
