The Bangko Sentral ng Pilipinas (BSP) said Tuesday it expects inflation for April 2024 to fall between 3.5 percent and 4.3 percent.The upper band of the forecast is above the government’s target range of 2 percent to 4 percent for 2024. Inflation in March was at 3.7 percentThe Philippine Statistics Authority said the price uptick in March was mainly due to a faster food inflation rate of 5.7 percent from 4.8 percent in February 2024. This was influenced by rice inflation, which accelerated to 24.4 percent from 23.7 percent.“Continued price increases for rice and meat along with higher gasoline prices and the peso depreciation are the primary sources of upward price pressures for the month,” the BSP said.The peso hovered at 57.76 against the US dollar Tuesday, near a 17-month low.The BSP said the lower prices of fish, fruits, vegetables as well as lower electricity rates and the rollback in LPG prices could offset the upside price pressures.“Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making,” it said.Inflation rate averaged 3.3 percent in the first quarter of 2024, well within the target range.The PSA is expected to release the official April inflation report next week.
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