Inflation could grow faster this March — BSP
Inflation in the Philippines is projected to accelerate beyond the target set by the Bangko Sentral ng Pilipinas (BSP) due to the successive oil price hikes and the depreciation of the peso.
According to BSP Governor Benjamin Diokno, “the consumer price index likely quickened by 3.3-4.1% in March.” The central bank’s March forecast is at 3.7%.
The BSP chief said that this rapid increase is due to “the continued oil price hikes along with high electricity rates in Meralco (Manila Electric Co.) service areas, higher meat prices, and the peso depreciation are the primary sources of inflationary pressures during the month.”
Gasoline, diesel, and kerosene prices have increased by P18.30 (US$0.35), P27.85 (US$0.54), and P25.75 (US$0.50) per liter since the start of the year. The Russia-Ukraine war had also impacted the oil industry, addig into the price hikes.
On the ther hand, Diokno noted that the decline in the prices of rice, fish, and vegetables may likewise be offsetting factors to faster inflation
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