PH inflation is in check – BSP
The Bangko Sentral ng Pilipinas (BSP) said that the pace of price increases in the country will likely remain in check for the foreseeable future due to the impact of the COVID-19 pandemic. It came after the government released the official inflation rate for July of 2.7 per cent.
In a statement, BSP Governor Benjamin Diokno said that the latest inflation rate was also within the BSP’s forecast range of 2.2–3 per cent, attributing this “to the potential adverse impact of COVID-19 on the domestic and global economic prospects.”
The central bank’s latest baseline forecasts also indicated that inflation is likely to settle close to the mid-point of the government’s target range of three per cent, plus or minus one percentage point, for 2020 to 2022.
