{"id":51774,"date":"2022-07-01T16:21:48","date_gmt":"2022-07-01T08:21:48","guid":{"rendered":"https:\/\/news.outsourceaccelerator.com\/?p=51774"},"modified":"2022-07-01T16:21:48","modified_gmt":"2022-07-01T08:21:48","slug":"inflation-projected-to-hit-6-5","status":"publish","type":"post","link":"https:\/\/news.outsourceaccelerator.com\/inflation-projected-to-hit-6-5\/","title":{"rendered":"Inflation projected to hit 6.5%"},"content":{"rendered":"
Inflation may have increased to as much as 5.7 to 6.5% in June as fuel, energy, and food prices continue to rise amid a declining peso, said Bangko Sentral ng Pilipinas (BSP).<\/span><\/p>\n Diesel prices jumped by as much as P6.55 per liter on June 7 while Meralco increased the cost per kilowatt-hour for the average household by P0.39. The Philippine peso also continued to weaken throughout the month, hitting a low of P55.06 to $1 on June 29.<\/span><\/p>\n However, BSP countered that cheaper fish and cooking gas prices may have limited the overall rise in inflation in the country last month.<\/span><\/p>\n In keeping with its price and financial stability mandate, the central bank said it would “continue to monitor closely emerging price developments to enable timely intervention to arrest [the] emergence of further second-round effects.”<\/span><\/p>\n Monetary authorities have so far ordered two 25-basis-point policy rate hikes in response to rising prices and new BSP Governor Felipe Medalla said more aggressive rate hikes could be ordered.<\/span><\/p>\n “The moment inflation becomes embedded, it becomes a self-fulfilling prophecy. I expect prices to rise and therefore I will raise my price,” he told reporters.<\/span><\/p>\n