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Friday, March 29, 2024

Inflation rate likely accelerated in June

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The Bangko Sentral ng Pilipinas said Tuesday inflation rate likely accelerated to as high as 2.7 percent in June from 2.1 percent in May on higher prices of fuel and rice.

The BSP Department of Economic Research said the June 2020 inflation would likely settle within a range of 1.9 percent to 2.7 percent.

“Higher gasoline, diesel, and kerosene prices as well as the uptick in the price of rice due to supply bottlenecks contributed to positive price pressures during the month,” it said.

“These could be partly offset by slightly lower LPG [liquefied petroleum gas] price and electricity rate in Meralco-serviced areas during the month,” it said.

The BSP said it was closely monitoring the evolving economic and financial conditions to ensure that the monetary policy stance remained consistent with its price stability mandate.

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Inflation in May settled at 2.1 percent, bringing the average in the first five months to 2.5 percent or within the target range. 

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