The Bangko Sentral ng Pilipinas (BSP) expects the February 2025 inflation to settle between 2.2 percent and 3 percent.
“Upward price pressures for the month include higher electricity rates and oil prices, and an increase in the prices of key agricultural commodities such as fish and meat,” the BSP said in a statement.
“Nonetheless, these are expected to be offset in part by lower prices of rice, fruits, and vegetables as well as negative base effects,” it said.
The Philippine Statistics Authority (PSA) earlier reported that inflation in January stood at 2.9 percent, matching the inflation rate recorded in December 2024.
The government’s targets an inflation rate of between 2 percent and 4 percent for 2025.
“Going forward, the Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy and employment,” the BSP said.
The Monetary Board kept the BSP’s overnight borrowing rate at 5.75 percent in its latest meeting in February.
The interest rates on the overnight deposit and lending facilities also remain at 5.25 percent and 6.25 percent, respectively.