Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Friday inflation rate in February likely accelerated to as high as 4.7 percent from 4.2 percent in January, on the back of higher global oil prices.
Diokno said in a statement to reporters the BSP was expecting inflation in February to settle within a range of 4.3 percent to 5.1 percent.
“Upward price pressures for the month emanate from the continued uptick in global crude oil prices and elevated fish prices,” Diokno said.
Diokno said the implementation of the temporary price caps on meat products for National Capital Region, stable rice prices and lower power rates in Meralco-serviced areas contributed to the downward price pressures during the month.
He said earlier the uptick in inflation in January could be attributed to transitory supply-side pressures. He said BSP measures were aimed at ensuring economic recovery and limiting the pandemic’s potential scarring effects in the long run.
